Weather-based insurance cover for paddy growers in Kurukshetra

The maximum compensation under this policy would be Rs12,000 per acre

Paddy growers in Kurukshetra of Haryana could get their crop insured against the vagaries of weather, with Agriculture Insurance Company of India Ltd (AIC) deciding to provide the insurance coverage during sowing and maturity period of the crop.

Babain block of Kurukshetra district has now become the fourth block in the state where weather-based crop insurance coverage would be provided to paddy growers.

"Haryana government has given its approval for implementing weather-based crop insurance scheme in Babain block of Kurukshetra district for paddy crop, while we will be the implementing agency for the same," AIC regional head Rajesh D said.

Under this scheme, insurance protection would be provided for both deficit and excess rainfall. The maximum compensation under this policy would be Rs12,000 per acre. Claims under this scheme would be based on weather data recorded at reference weather station installed in these blocks, he said.

Out of total premium of Rs1,200, farmers will have to pay only Rs300 per acre and balance amount will be borne by the Haryana government and the Centre on 50:50 basis, he said. Haryana is already providing weather-based insurance cover to paddy growers in Panipat, Tohana and Ambala.

Paddy crop is a major Kharif crop in Haryana with over 12 lakh hectares of area under cultivation and 55 lakh tonne of output. It is compulsory for paddy growers, who take loans from banks, to get insurance coverage for their crop.

Notably, wheat growers in the same block got claims to the tune of Rs4.54 crore for their crop damaged at 18,108 acres of land because of high temperature during maturity of crop in last Rabi season. The claims were given to over 3,000 affected wheat growers.

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Deutsche Mutual Fund floats DWS Fixed Term Fund-Series 87

Deutsche Mutual Fund new issue closes on 27 July 2011

Deutsche Mutual Fund has launched DWS Fixed Term Fund-Series 87 (DFTF-87), a close-ended income scheme.

The investment objective of the scheme is to generate income by investing in debt and money market instruments maturing on or before the date of the maturity of the scheme. The tenure of the scheme is 370 days.

The new issue closes on 27 July 2011. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Index is the benchmark index. Kumaresh Ramkrishnan is the fund manager.

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Wild fluctuation in prices of select stocks on BSE as connectivity is disrupted in pre-market trade

Bombay Stock Exchange describes it as a technical glitch. But it is not the first time this has happened and there is no explanation from the stock exchange or the market regulator why the so-called glitch keeps happening repeatedly

We have seen this happen before and it happened yet again on Friday morning. In early trade today, there was a rush of odd trades by a few brokers that jammed the trading system on the Bombay Stock Exchange (BSE), disallowing most others from carrying out any trades. Within the first five minutes of pre-market trade itself, many brokers found it almost impossible to connect to the system and even when they did so, it took more than five minutes to register trades and many trades were not registered even then.

Still, some wild swings in prices of certain blue-chip stocks were visible on the screens. For example, the Reliance Industries (RIL) stock opened with a huge jump at Rs1,015 and trade within a range of nearly three hundred rupees within the short time. The stock ended the day at about Rs873.

Similarly, ICICI Bank and HDFC Bank also opened significantly higher and traded within a wide range of Rs1,282 and Rs1,050 and Rs607 and Rs500 respectively. At the end of the day today these stocks closed at Rs1,060 and Rs509 respectively.

It was the same for such other prominent shares like Infosys, TCS, Hero Honda, SAIL and BHEL. The table below will give a better picture of the unexplainably wild prices.

Interestingly, there were no such dealings on the National Stock Exchange (NSE) during this period.

This is not the first instance and since there has been no official explanation for these occurrences, it is difficult to believe that they will not happen again.

This afternoon, the BSE stated that following a technical glitch in the trading system at the exchange this morning it has decided to annul certain trades and orders. It said it had annulled 1,354 trades executed during the pre-opening session in securities and all pending orders entered during the pre-open session in the exchange system had been cancelled. This measure was taken in order to ensure fairness and transparency in the price discovery mechanism, the BSE stated in a message to all traders.

The question is how come this keeps happening time and time again. Who is responsible for this and why are these so-called glitches not corrected once and for all. Is the market watchdog aware about these happenings? Has the Securities and Exchange Board of India investigated these goings-on, or has it chosen to keep mum about this? Or do investors assume that the BSE will remain a den of a few select operators that has already seen its business dwindle sharply over the past few years?

BSE annuls certain orders and trades on BOLT
**Step taken to ensure fairness and transparency in the price discovery mechanism**

Following a technical glitch in the trading system at the exchange today morning, BSE Ltd. announced annulment of certain trades and orders. As per a notice issued to the market at 12.30 PM, BSE announced the annulment of 1354 trades executed during the pre-open session in securities. Further, all pending orders entered during the pre-open session in the exchange system were cancelled.

In order to ensure fairness and transparency in the price discovery mechanism, BSE announced the aforementioned measures taken, by way of a ticker message on all its trading terminals and a notice (No. 20110715-4) issued to all market participants.

 

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