Companies and Markets

Companies & Markets

Hindustan Zinc Q2 net profit rises 34% on metal rally

Mining mogul Anil Agarwal-led Hindustan Zinc on Monday posted a 33.8 per cent rise in net profit at Rs 2,545 crore for the quarter ended September 30, 2017 on the back of higher volume and increase in metal prices.

The company had posted a net profit of Rs 1,902 crore in the corresponding quarter of previous fiscal, Hindustan Zinc said in a filing to BSE.

Hindustan Zinc Q2 net profit rises 34% on metal rally

Mining mogul Anil Agarwal-led Hindustan Zinc on Monday posted a 33.8 per cent rise in net profit at Rs 2,545 crore for the quarter ended September 30, 2017 on the back of higher volume and increase in metal prices.

The company had posted a net profit of Rs 1,902 crore in the corresponding quarter of previous fiscal, Hindustan Zinc said in a filing to BSE.

Non-life insurance industry is poised for great growth

The country’s largest non-life insurer New India Assurance is all set to launch its mega initial public offering (IPO) of Rs 10,000 crore this week. In an exclusive interview, its chairman-cum-managing director G Srinivasan spoke to Falaknaaz Syed about the firm’s plans to boost profitability.

Please tell us about the price band of the IPO.

The government’s philosophy is to make the pricing attractive for investors so that there is something left on the table for them. Beyond this I really can’t say much at this moment.

RIL m-cap closing in on Rs 6-lakh crore mark

The Reliance Industries stock hit a new high on Monday, closing more than 3 per cent higher at Rs 938.10. Reliance Industries’ market cap soared to a kissing distance of Rs 6 lakh crore at Rs 5.94 lakh crore, leaving far behind the number two company, Tata Consultancy Services, at Rs 4.95 lakh crore.

Sebi disposes of proceedings against NDTV promoters

Capital markets regulator Sebi today disposed of proceedings against Prannoy Roy, Radhika Roy and RRPR Holdings Pvt Ltd in a case related to alleged delay in disclosure about their aggregate shareholding in NDTV Ltd.

The three are among the promoters of NDTV and the case relates to their alleged delay in disclosing their aggregate shareholding and voting rights in the company after the end of the 2011-12 fiscal.

Trade cautiously and get ready for super-volatile Thursday

Trading in the last week was truncated because of Diwali festival and was effectively just three days and ‘Muhurat’ trading of an hour on Thursday. The week began with a flourish and was sideways on the next two days, losing minor ground. It was weak in the hours trade and ended negative for the week. The Sensex lost 42.73 points, or 0.13 per cent, to close at 32,389.96 points. The Nifty lost 20.90 points, or 0.21 per cen,t to close at 10,141.55 points.

EPFO to consider crediting ETF units to PF accounts

Retirement fund body EPFO is likely to consider next month a proposal to credit subscribers’ share of its ETF investments to their provident fund accounts, which can be redeemed at the time of withdrawal.

Banking sector stares at additional Rs 40,000cr NPAs

The banking sector fears accretion of more than Rs 40,000 crore of bad loans to its books following recent classification of eight consortium accounts of Axis Bank as non-performing assets by the RBI.

The Reserve Bank of India has directed certain reclassifications in the private sector lender’s asset classification and provisioning as on March 2017, subsequent to the annual risk based supervision (RBS) exercise conducted for 2016-17.

Persistency rate high among online policyholders

While five-year persistency rate among insurance policyholders in India is less than 20 per cent, insurance repositories are seeing persistency of 93 per cent among their account holders. With Irdai mandating that electronically bought policies should be kept with repositories, the market is expected to double every year for the next three years.

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