NEW INDIA ASSURANCE CO
Rohit Sharma and co stuck in Barbados as Hurricane Beryl disrupts travel plans for team India
The Indian cricket team's return home has been delayed by Hurricane Beryl. Led by Rohit Sharma, the team recently won the T20 World Cup. The hurricane, classified as a Category 4 storm, has prompted the Bridgetown airport to plan for an evening shutdown. Consequently, the team's travel plans have been disrupted, and arrangements for a charter flight are underway.
India expressed interest in co-production of Stryker combat vehicle: US
US Deputy Secretary of State Kurt Campbell emphasized the importance of frank dialogue with India regarding New Delhi's ties with Russia, particularly in the technology sector, including defense. Despite US concerns about potential technology leakage to Russia due to India's use of Russian defense equipment, Campbell expressed trust and confidence in India's capabilities. He noted that while there are disagreements, both countries maintain respectful discussions. Campbell also highlighted discussions on the Quad initiative during recent meetings between US National Security Advisor Jake Sullivan and India's NSA Ajit Doval, affirming strong commitment to hold the Quad summit by year-end.
NARCL receives four bids for debt takeover of Sion Panvel Tollways in Mumbai
National Asset Reconstruction Co (NARCL) has received four expressions of interest for a second round of bidding to take over the debt of Sion Panvel Tollways linking Mumbai and Pune. The initial three bids were rejected for being undervalued. NARCL aims to recover bad debt and has acquired 18 stressed accounts worth Rs 92,510 crore. Bidders have until July 18 to submit new proposals. BoB Capital Markets is advising creditors on the sale.
India, US discussing co-production of Javelin anti-tank missiles
India and the US discussed joint production of American javelin missiles to meet Indian military needs.
India bags two more Lions at Cannes, total tally at 14
The total tally of metals won by the Indian contingent now stands at 14 at the time of going to press. Among the 59 shortlisted entries this year, Indian agencies have, so far, won two gold, five silver and seven bronze Lions. "We couldn't be prouder to take home a silver for our Mondelez Oreo #BringBack2011 campaign. This campaign is a powerful example of how creativity can play an effective role in driving business, fostering a deeper connection with the audiences and building the brand," said Rajdeepak Das, CCO Publicis Groupe-South Asia and chairman, Leo Burnett-South Asia.
Awfis to expand in new markets, says CMD Amit Ramani
Awfis is targeting a 30% revenue growth in FY25, driven by expanding its supply and achieving higher occupancy rates at its current centers. The company operates in 17 cities, hosting 181 centers with approximately 110,000 seats and covering a chargeable area of 5.6 million square feet. Awfis saw its operating revenue grow 45% year on year to Rs 232.3 crore.
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New India Assurance stock jumps over 5% on appointment of new CMD
Shares of The New India Assurance Company rose by 5% to Rs 251 in Thursday's trading session on the BSE following the announcement of Girija Subramanian's appointment as Chairperson cum Managing Director (MD) of the company.
iCET Meet: Doval, Sullivan focus on co-production, co-development, R&D
NSA Ajit Doval and US counterpart Jake Sullivan met for the second iCET meeting, focusing on co-production, co-development, and R&D. They emphasized staying at the forefront of innovation and coordinating with allies for secure technology solutions. They highlighted the need to safeguard sensitive technologies from leaks to countries of concern, without naming China.
Japan's Credit Saison tastes success in India, to expand loan book
Credit Saison India, under the leadership of Presha Paragash, is leveraging India's unique data infrastructure to expand its loan offerings. With a focus on partnerships, new products like loan against property, and expansion into tier III and IV cities, the company is poised for further growth and success in the Indian market.
India vs Mini India: Rohit & Co. eye better batting show against USA
India's batting prima donnas are set to face the impressive but inexperienced USA in their group league game of the T20 World Cup. India, classified as A1, needs just one win to ensure their Super Eight berth and would prefer a high-risk approach to the USA. The team, consisting of eight Indians, two Pakistanis, a West Indian, one New Zealander, a South African, and a Dutch, might find the gap with India too much to bridge.
India-Pakistan clash could fetch $4,800 a second as cricket makes US push
India vs Pakistan: Global firms are splurging on advertising for the India-Pakistan cricket match in the US. The big encounter is set to take place in New York's Nassau County International Cricket Stadium on June 9, part of the ICC Men’s T20 World Cup, targeting the South Asian diaspora.
Cola, ice creams sell like hot cakes amid prolonged heat spell
Demand for hydrating products surges in India amid heat wave, with PepsiCo India, CocaCola, and Havmor Ice Cream witnessing increased demand in east, north, and central regions.
Sanjiv Bhasin's five dark horse picks for medium to long term horizon
Now, whether you buy today at 23,800 and see a 700-800-point correction during the month that is very much on. But at least start to increase your exposure to equity because there may be no big opportunities until the budget.
Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
New Covid wave in Singapore: No need for panic, assures Tamil Nadu govt
Dr. T S Selvavinayagam, Director of the Directorate of Public Health and Preventive Medicine in Tamil Nadu, reassured the public about the new Covid wave in Singapore, describing it as a "milder infection" that does not warrant panic. He stated that there have been no significant hospital admissions in Singapore following the outbreak. The Singapore variant, KP.2, a sub-variant of Omicron, has been reported in some parts of India, with 290 cases of KP.2 and 34 cases of KP.1 found in the country. Selvavinayagam emphasized that Tamil Nadu has the required infrastructure to handle any situation and that the state has almost fully vaccinated the 18-plus population.
MahaRera brings in rules for retirement homes, senior citizen housing projects
The Maharashtra Real Estate Regulatory Authority (MahaRERA) introduces comprehensive guidelines for senior citizen housing projects, covering design, accessibility, mobility, kitchens, bathrooms, green principles, lifts, ramps, safety. Developers must certify compliance with standards, covering structural design, stability, testing, materials, workmanship.
Go Digit Insurance Rs 2,615 crore IPO retail portion fully subscribed
The IPO, priced between Rs 258 to Rs 272 per share, will close on Friday. The company had reserved 9.6 million shares for retail investors.
Digit Insurance IPO's retail portion fully subscribed; key highlights of the offering
The retail portion of Digit Insurance's IPO was fully subscribed at 1.45pm. The company had reserved 9.6 million shares for retail investors in the issue that opened on Wednesday. The Rs 2,615-crore IPO comprises a fresh issue of Rs 1,125 crore and an offer for sale component of up to 54.7 million shares.
IPL washout spurs potential insurance claims of Rs 50-60 crore
The rain-induced washout of the Gujarat Titans versus Kolkata Knight Riders match on Monday has sparked concerns about revenue losses, leading sponsors and franchise owners to contemplate submitting claims to insurance providers. For this year's Indian Premier League (IPL), insurance coverage totaling Rs. 10,000 crore was procured from insurers such as New India Assurance, National Insurance Company, and United Insurance.
The Sweet Revolution: Exploring the Manuka honey phenomenon
The rise of Manuka honey in India is a testament to its growing popularity among health-conscious consumers. Known for its potent antibacterial properties and high levels of bioactive compounds like methylglyoxal (MGO), Manuka honey is making its mark on upscale supermarket shelves. Indian customers, drawn to its health benefits, are incorporating it into their diets and gifting it to loved ones. While consumption in India is not as widespread as in other countries like New Zealand or Australia, demand is rising in affluent cities like Mumbai, Bengaluru, and Delhi.
Honda commissions new R&D facility to accelerate electrification in India
Honda R&D (India) established a Bengaluru centre to drive Indian electrification, in line with Honda's 2050 carbon neutrality vision. Their focus includes achieving carbon-neutral motorcycles by the 2040s through advanced technologies and open innovation.
Infosys collaborates with AEEE, IIHS to decarbonise India’s commercial building sector
Infosys, AEEE, and IIHS collaborate on 'ASSURE' to decarbonize India's commercial building sector, aiming for 100 million sq. ft. of high-performance buildings by 2030. The initiative includes experts, lighthouse projects, and engagement with financial institutions.
Indian renewables may get costlier as RBI mulls changes
A top consultancy firm predicts that the Indian central bank's proposals on project financing may raise borrowing costs for renewables projects by up to 1%, potentially leading to increased wind and solar power prices. Lenders may have to reserve 5% of capital for infrastructure projects under construction, compared to the current 0.4% norm. As projects mature and start generating cash, the allocation can decrease to as low as 1%. These changes could make it harder for construction projects to secure financing, impacting the pace of renewable energy deployment as India aims to accelerate green energy installations to meet future goals.
Delhi HC imposes Rs 50K costs on insurance firm for denying cancer patient's claim, causing harassment
The high court said the award passed by the insurance ombudsman, which had directed the firm to settle the complainant's claims, has to be complied with in letter and spirit.
India among top 5 developing countries in aviation emissions in 2019, study finds
The research team at the Norwegian University of Science and Technology also found that India's share in global CO2 emissions from domestic aviation was the third highest at 1.5 per cent. "The countries with the highest absolute domestic aviation CO2 emissions (global percentage share in total CO2 aviation emissions in parentheses) are the USA (13.4 per cent), China (8.9 per cent), India (1.5 per cent), Russia (1.2 per cent), and Japan (1.1 per cent)," the authors wrote.
General Insurance industry grows 12.78% in FY24
In FY23, the insurance industry had reported a growth rate exceeding 16%. However, there was a slowdown in FY24 largely due to the performance of crop insurance. Specialised insurer AIC reported a decline of 32% in growth due to the slowdown in agriculture insurance.
In FY24, New India Assurance achieved about $5 billion global premium: CMD
Neerja Kapur of New India Assurance has reported a global written premium target of Rs 42,000 crore for the financial year, with unaudited figures at Rs 41,860 crore. Health and motor segments lead in performance, contributing to the positive growth. The company emphasized on these segments for overall premium success.
Which domestic insurance companies have been identified as systemically important for financial stability of the economy in FY2023-24?
D-Slls are perceived as insurers that are 'too big or too important to fail'. This perception and perceived expectation of government support may amplify risk-taking, reduce market discipline and increase the possibility of distress in the future. These considerations require that D-Slls be subjected to additional regulatory measures to deal with systemic risks.
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