Strong recovery in the closing hour helped the indices close in the positive
After being range-bound near the previous day’s close for most part of the trading session, a good recovery in the last hour enabled a green close. Yesterday we mentioned that a strong close below the day’s low of 5,106 on the Nifty may result in a change in uptrend. Today the index crossed this level but settled a little higher above it. We now see the index moving directionless. The National Stock Exchange (NSE) saw a volume of 48.21 crore shares.
With the R3 approval in place, Liberty Videocon GIC said it is now getting ready to file documents with the IRDA for approval of its proposed products
Mumbai: New entrant in the private space Liberty Videocon General Insurance Co on Tuesday said it received the final approval from the Insurance Regulatory and Development Authority (IRDA), which enables the company to commence operations, reports PTI.
"We have received the mandatory clearance from IRDA and are gearing up to launch Liberty Videocon General Insurance operations in India," company chief executive officer - designate and director Roopam Asthana said in a release.
"Supported by a strong and experienced leadership team, which is already in place and market expertise of our parent companies in their respective domains, we are looking forward to making a substantial difference in the Indian non-life insurance market," Asthana said.
Headquartered in Mumbai, the company will start operations with an initial capital of Rs300 crore.
"With the R3 approval in place, we are now getting ready to file documents with the IRDA for approval of our proposed products. We intend to build a customer focused business, which will address the distinct needs of individual and corporate customers through both direct and intermediary relationships backed by a prudent and disciplined underwriting philosophy and strong actuarial capability. We are in the process of implementing a technology platform for seamless and speedy experience," Asthana said.
The partnership between Videocon Industries and US-based Liberty Mutual Insurance Group, a leading global property and casualty group, Liberty Videocon General Insurance is geared to provide multi-line insurance underwriting capabilities nationally, with an emphasis on personal insurance products, it said.
Having completed its capitalisation, the company is now in the process of finalising its products and service delivery blue print, it added.
"India's rapidly rising personal income levels mean more and more Indians will be buying insurance to protect their property and possessions," Liberty Mutual's president and CEO David Long said.
According to Nomura, Indian government's policies remain inflationary, reducing the scope for rate cuts, hurting growth and in turn exacerbating the fiscal deficit
New Delhi: Noting that India's monetary and fiscal policies are at loggerheads, financial services company Nomura has lowered the country's growth forecast for this fiscal to 5.8% from 6.7% earlier, reports PTI.
"Given weaker initial conditions and limited scope for a major stimulus, we revise down our GDP growth forecast to 5.8% for FY13 (year ending March 2013) from 6.7%," it said in a report.
Nomura has also cut its India GDP forecast for 2013-14 to 6.6% form the earlier 6.9%.
The government is aiming at GDP growth rate of about 7.6% this fiscal. India's economic growth rate slowed to 6.5% in 2011-12 from 8.4% in the previous two fiscals.
The financial services company said India's monetary and fiscal policies are at loggerheads and in deadlock.
It further said India government policies remain inflationary, reducing the scope for rate cuts, hurting growth and in turn exacerbating the fiscal deficit.
"In our view, the longer the economy stays in the current deadlock, the bigger the policy shock that will be required to get out," Nomura added.
On wholesale price based inflation, Nomura said that it has revised upward its average forecast to 7.6% for the current fiscal from earlier 7.1% due to higher food prices and rupee depreciation.
It has also revised upward its fiscal deficit forecast for India to 5.8% of GDP in the current fiscal from 5.2%. Government aims to bring down the fiscal deficit to 5.1% in 2012-13 from 5.76% in the previous fiscal.
Nomura's observations comes against the backdrop of global agency Moody's retained its stable rating outlook for India.