Companies & Sectors
Suzlon Energy shares hit record low on Q1 loss

Suzlon Energy plunged as much as 9% to a record low in the morning trade due to its poor first quarter results


Mumbai: Shares of wind turbine maker Suzlon Energy on Tuesday plunged as much as 9% to a record low as the company reported standalone net loss of Rs696.64 crore for the first quarter ended June 2012, reports PTI.
 
Suzlon stock opened weak and further lost 9% to touch a record low of Rs16.10 at the NSE. At the BSE, the scrip tumbled 7.62% to an all- time low of Rs16.35.
 
The company yesterday reported Q1 loss on account of lower volumes, adverse market mix, high interest burden and notional forex losses.
 
In the same quarter last fiscal, the company had reported net profit of Rs137.83 crore.
 
The company's standalone revenues also declined 59.36% to Rs596.91 crore, compared to Rs1,469.07 crore in the same quarter last year.
 
At 11.30am, Suzlon was trading 3.1% down at Rs17.15 on the BSE, while the benchmark Sensex was marginally down at 17,610.

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COMMENTS

bibhor

4 years ago

i think despite wind energy markets and other companies not doing well, Suzlon has
an amazingly strong order book of over INR 40000cr. Also as the book value of the share is around 30rs. Keeping that in mind it is a
great investment at current rates.

IRDA slaps Rs49 lakh penalty on Tata-AIG Life Insurance

IRDA has found lapses in various rules, including non-adherence to norms of referrals and preparation of financial statements, by Tata-AIG Life Insurance Company


New Delhi: The Insurance Regulatory and Development Authority (IRDA) has slapped a penalty of Rs49 lakh on Tata-AIG Life Insurance Company for violation of various regulatory norms, reports PTI.
 
The IRDA has found lapses in various rules, including non-adherence to norms of referrals and preparation of financial statements, by the life insurance company.
 
"...I hereby direct the insurer (Tata-AIG Life Insurance Company) to remit the penalty of Rs 49 lakh debiting shareholder's account within 15 days," IRDA Chairman J Hari Narayan said in his order.
 
The penalty follows an on-site inspection of Tata-AIG in August 2010, during which the regulator found violations of the provisions and guidelines of the Insurance Act.
 
The insurance company could not be contacted for comments.
 
The regulator said Tata AIG Life has made certain payments to HSBC Bank and Citibank banks in violation of IRDA's guidelines on Group Insurance policies.
 
The life insurer, IRDA said, was also been found violating the provisions of the norms while entering into referrals arrangement with non-banking entities and utilising unlicensed entities.
 
Further, the IRDA has found lapses in the business promotion expenses under the Corporate Agency guidelines.

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Apollo Munich Health Insurance launches Optima Senior

Optima Senior provides lifelong health insurance coverage with a guarantee of no loading on change of health status


Mumbai: Apollo Munich Health Insurance has launched 'Optima Senior' for citizens above 61 years of age, reports PTI.
 
"With the onset of retirement, most people find themselves losing their corporate health insurance coverage, at a time when it is needed the most," Apollo Munich Health Insurance CEO Antony Jacob said in a release.
 
"Optima Senior caters to senior citizens who seek uncomplicated and easy to understand health insurance coverage, with minimal restrictions and maximum benefits," Jacob said.
 
Optima Senior provides lifelong health insurance coverage with a guarantee of no loading on change of health status, the release said, adding, it also offers hassle-free, uncomplicated coverage for those Indian citizens who are in their golden years and seek the best-in-class solution for their medical needs.
 
A person over 61 years can choose from three sum insured levels that is Rs2 lakh, Rs3 lakh or even Rs5 lakh.
 
Policy holders can also enjoy a 5% non-cumulative discount on the renewal premium payable under the policy after every claim free year, provided that the policy is renewed with the company without a break.
 
Apollo Munich Health Insurance is a joint venture between Apollo Hospitals Group and Munich Health, Munich Re's newest business segment.

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