SEBI order has more far reaching implications than a press release or a circular. Since the order has been issued under Section 34(i) (a) and (b) of the insurance Act. IRDA has said that in the year `08-09 ULIP policies involving a total premium of Rs 90,645cr were in force. In fiscal `09-10 upto February 16.7 lakh policies have been sold with a premium of Rs 44,611crores. “It is also observed that the 14 insurance companies have an equity capital of Rs 16,281cr as on March 2009” IRDA said
Overcapacity flies to airlines' rescue
Jet has already tied up an annual rent of over Rs 220 crore for four aircraft and will start earning from three more soon. Last year, the private carrier had leased out four Boeing aircraft to Turkish Airways. It recently leased out another three to Thai Airways.
R-Infra interested in bids for regional airports
Reliance already operates five airports in Maharashtra, at Nanded, Yavatmal, Osmanabad, Latur and Baramati on a 99-year lease.
NTPC Korba records highest PLF
The National Thermal Power Corporation's (NTPC) Korba project in Chhattisgarh has recorded the highest Plant Load Factor (PLF) among all the generating stations of the country's largest power producer.
'I expect coking coal prices to touch $300 per tonne'
China is way ahead of India. China today produces 600 mt of steel, while India produces 60 mt. Having said that, with the projected growth of 124 mt by 2012, India’s growth rate in steel production would be higher than that of China. But, it would take a long time for India to surpass China in steel production or coking coal consumption.
19 thermal plants facing critical coal stock
The critical coal stock at these power stations is attributed to factors like less receipt of coal than the actual requirement, delay in imports by the power plants and higher generation of power without a commensurate rise in coal supplies.
IDFC sees pvt sector adding 50,000 MW capacity in 3 years
“We are expecting that about 50,000 MW of private generating capacity will come on stream within the next 36 months. That will represent a 40-odd per cent increase in capacity,” says Dr Rajiv Lall, Managing Director and Chief Executive Officer, Infrastructure Development Finance Co Ltd.
Sesa Goa slumps as China bans low-grade iron ore
China imported 106 million tonnes (mt) of Indian iron ore during the last 12 months. “Exports from Goa will be impacted, as it has ore with lower iron content,” said Siddharth Rungta, president, Federation of Indian Mineral Industries. Goa contributes 45 per cent to the country’s total iron ore export.
'Steel industry should not work as a cartel'
With steel prices going up and the government approving a follow-on public offer (FPO) of Steel Authority of India, the domestic steel sector is seeing a spurt in activity. In an interview with Nayanima Basu, Steel Minister Virbhadra Singh says the recent hike in steel prices is based on speculation and needs to be controlled, even as he makes a case for faster clearances for new projects
What is pushing up the price of copper and other base metals?
Some observers attribute this phenomenon to investors buying metals in the expectation that prices will rise further in 2011, when demand is forecast to outstrip supply. Yet prices may crumble if speculators suddenly get cold feet. A shift away from the low interest rates that have encouraged commodity investments could spark a change in sentiment. So might a rising dollar: commodity investments offer a hedge against a depressed greenback. Mining bosses acknowledge that prices may be more volatile as a result of such investment.
Sebi approves IPO of Glenmark’s generics arm
Generic Pharmaceutical sales are expected to get a boost in the US owing to the recently-passed Health Bill. The Bill is expected to bring around 32 million more Americans under the ambit of medical insurance and reduce costs of healthcare by increasing use of cheaper generic drugs.
Cement industry hits 10.5% growth in FY10
Industry analysts said this could be a cause of concern for cement makers as the month of March normally shows one of the highest growth as construction activities are at peak. They had anticipated a growth of over 10 per cent in March. Moreover, last month growth is the lowest in the last three years. In 2007-08, March showed a growth of 8.53 per cent which in 2008-10 grew to 10.35 per cent.
GMR Infra plans to raise Rs 500 crore through debt.
The company, which reported a top line of around Rs 3,500 crore for the period ending December, 2009 has a debt of Rs 13,900 crore under a leverage of 1.62 times.