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Moneylife Digital Team 15 July 2010
Mumbai-based IndiaFirst Life Insurance Co Ltd, a joint venture between Bank of Baroda and Andhra Bank with UK’s Legal & General, said it received the ISO 9001:2008 certification for its best-in-class business processes. IndiaFirst Life Insurance is the first life insurance company in the...

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Moneylife Digital Team 15 July 2010
Toyota Kirloskar Motor Pvt Ltd (TKM), a joint venture between Toyota Motor Corp and the Kirloskar Group, said it signed a memorandum of understanding (MoU) with Indian Bank to extend auto retail finance to their customers. TKM dealers will promote the schemes to provide various finance options...

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Moneylife Digital Team 15 July 2010
Hyderabad-based MIC Electronics Ltd said it will launch a set of five new light-emitting diode (LED) based products categories with 15 variants. The categories of LED include LED tube and bulb, LED angel, LED fittings for offices, LED fittings for hospitality and LED fittings for outdoor...

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Moneylife Digital Team 15 July 2010
LIC Housing Finance Ltd (LIC HF) reported a first quarter net profit of Rs212.01 crore compared with Rs123.83crore for the quarter ended June 2009. During the period its total revenues increased to Rs1,014.93 from Rs781.86 crore same quarter a year ago. On Thursday, LIC HF shares ended 7.2%...

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Moneylife Digital Team 15 July 2010
Chennai-based Polaris Software Lab Ltd said its first quarter net profit rose to Rs46.6 crore from Rs31.8 crore a year ago. During the first quarter to end-June, its total revenues increased to Rs368 crore from Rs312.2 crore, same period previous year, it said in a regulatory filing. On...

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Moneylife Digital Team 15 July 2010
In a regulatory filing to Bombay Stock Exchange (BSE), Axis Bank Ltd registered a net profit of Rs741.88 crore for the quarter ended 30 June 2010 as compared to Rs562.04 crore for the quarter ended 30 June 2009. The bank’s total revenues has increased to Rs4,326.37 crore for the quarter...

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Insurers will be going to IRDA for protesting against the new norms on ULIPs and seek a change, as many in the sector believe that these financial instruments will become less attractive after the proposed regulatory changes It has been nearly two weeks since the Insurance Regulatory and...

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Moneylife Digital Team 15 July 2010
Engineering and construction company Larsen & Toubro Ltd (L&T) said its joint venture with Mitsubishi Heavy Industries (MHI) and Mitsubishi Electric Corp (MELCO) started production of turbine generators and boilers at their new facility at Hazira in Gujarat. L&T-MHI joint ventures are the...

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Moneylife Digital Team 15 July 2010
State-run Bank of Maharashtra said it received Rs588 crore from the Government of India as capital infusion that will help the lender to expand its business. The instrument used is perpetual non cumulative preference shares (PNCPS) has an annual floating coupon to be benchmarked to repo rate...

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Moneylife Digital Team 15 July 2010
Wind turbine manufacturer Suzlon Energy Ltd said it won an order from Serum Institute of India Ltd to set up, operate and maintain a 37.8 MW project at Jaibhim in Dhule-Nandurbar wind park in Maharashtra. The project will comprise 18 units of Suzlon’s S88-2.1 MW wind turbines which are enough...

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Moneylife Digital Team 15 July 2010
Hyderabad-based Nagarjuna Construction Co Ltd said its subsidiary NCC Power Projects Ltd (NCCPPL) is developing a 1,320 MW thermal power plant at Sompeta in Srikakulam district of Andhra Pradesh. No financial details were disclosed. To set up the plant, NCCPPL acquired 972 acres of land by the...

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Moneylife Digital Team 15 July 2010
Tata Communications Ltd said it has partnered with Internet search services provider Google to offer web-based business connectivity tools to businesses across India. Google India have plans to combine their global resources to offer a portfolio of web-based, collaborative business connectivity...

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Moneylife Digital Team 15 July 2010
Mumbai-based Colgate Palmolive (India) Ltd registered a net profit of Rs122 crore for the quarter ended 30 June 2010 whereas the same was at Rs102.8 crore for the quarter ended 30 June 2009. The total revenues of the company increased to Rs555.11 crore for the quarter ended 30 June 2010 from...

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Moneylife Digital Team 15 July 2010
The approval would result in saving about a 1000 jobs in the US. Jobs are believed to have been behind Exim Bank's reversal of earlier decision of rejecting the arrangement Responding to green commitment from Reliance Anil Dhirubhai Ambani Group (R-ADAG), the US Export-Import (Exim) bank...

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Moneylife Digital Team 15 July 2010
The Centre has directed RIL to make a "pro-rata" cut in gas supplies to all existing customers if production from its KG-D6 field cannot support new customers so that new users like Essar Oil's Vadinar refinery can be given gas from its KG-D6 fields The government has asked Reliance...

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Moneylife Digital Team 15 July 2010
The market has been in pause mode for two days. Will it spend more time consolidating before the next move? The market witnessed a high degree of volatility today. The Sensex settled at 17,909, down 28 points (0.1%) and the Nifty ended the session at 5,378, down 7 points (0.1%). The indices...

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Moneylife Digital Team 15 July 2010
Neither ICICI Bank nor HDFC Bank, even though their equity is owned by foreigners, suffers from any handicap, because they are incorporated in India, noted DIPP secretary R P Singh The government has assured private sector lenders ICICI Bank and HDFC Bank that they will not be discriminated...

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Debashis Basu on where the stock market is headed 15 July 2010
Markets are headed higher but buy only on declines Another fortnight is over and the short-term top of 15th April has not been scaled as yet. But is a trend change at hand? Two weeks ago, I had suggested that “if the US goes down by 10%-15%, India will not stand tall; it will go down too, quite...

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Sanket Dhanorkar  and   Pratibha Kamath 15 July 2010
When fund managers churn portfolios to capture momentum and ride the short-term cycles, performance invariably takes a hit  Old habits die hard for many fund managers. Instead of making wise long-term investment decisions, some of them behave like traders and churn portfolios—their churning...

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IRDA has moved swiftly to make ULIPs less attractive for agents and insurance companies. While this is laudable, there is an unintended impact. Policyholders will be persuaded to buy the more opaque traditional plans now Unit-linked Insurance Plans (ULIPs) were the main source of revenues for...

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