The initial public offering of Vaswani Industries will open for subscription by investors on 29 April 2011. The IPO closes for subscription on 3 May 2011
The initial public offering (IPO) of Vaswani Industries will open for subscription by investors on 29 April 2011. The IPO closes for subscription on 3 May 2011.
The company is coming out with public issue of 1 crore equity shares of Rs10. Each for cash through 100% book building process. The price band will be announced at least two days prior to the issue opening date.
The minimum order quantity is 120 equity shares and in multiples of 120 equity shares. The maximum subscription amount for retail investor is Rs200,000.
The rating agency ICRA has assigned IPO Grading of IPO GRADE 2.
Ashika Capital is the book running lead manager and syndicate member to the IPO. Link Intime India Pvt Ltd is the registrar to the company.
Research firm Crisil projected underwriting loses of the domestic general insurance companies at Rs10,000 crore in the 2010-11 fiscal
Research firm Crisil projected underwriting loses of the domestic general insurance companies at Rs10,000 crore in the 2010-11 fiscal.
We estimate the industry's underwriting losses to increase significantly to more than Rs100 billion in 2010-11 from Rs59 billion in 2009-10, Crisil ratings director Pawan Agrawal said in a statement.
"This increase reflects weak underwriting performance, increase in reserving requirements for each of the past four years on the third-party (TP) motor insurance pool, and wage revisions in public-sector insurance companies," Agrawal added.
The rating agency however, said that the recent hike in the TP motor insurance premiums by the insurance regulator IRDA would improve the underwriting performance in 2011-12.
From today, third-party motor insurance premiums have increased by 10% for private cars and two-wheelers and 68% for goods and passenger vehicles.
"We view the rate hike in the TP motor insurance as a step towards containing the general insurance industry's mounting underwriting losses," Crisil ratings head Rupali Shanker said.
The hike in the rates would improve the general insurance industry's combined ratio to around 110% in 2011-12, from an estimated 132% in 2010-11.
A high combined ratio indicates weak underwriting performance. A combined ratio of more than 100% indicates underwriting losses.
Third-party motor insurance is the only segment in the general insurance category whose tariffs are regulated.
The TP motor insurance segment is marked by unlimited liability and numerous instances of inflated and fraudulent claims, Crisil said.
"This rate hike is inadequate to cover the substantial losses incurred in this segment; premium rates need to more than double from the 2010-11 levels for the industry to make underwriting profits in this segment," the statement said.
Prudent underwriting practices marked by risk-based pricing across key segments, effective claims management, and lower operating expenses remain an imperative to further improving the general insurance industry's overall underwriting performance, it added.
SBI Mutual Fund new issue closes on 27th April
|SBI Mutual Fund has launched SBI Debt Fund Series-370 Days-14, a close-ended income scheme.
The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, PSU & corporate bonds and money market instruments maturing on or before the maturity of the scheme. The tenor of the scheme is 370 days.
The new issue closes on 27th April. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Rajeev Radhakrishnan is the fund manager.