New Delhi

Irdai draft on reinsurance norms likely next month

Insurance watchdog Irdai is likely to come up with its much-awaited draft on new reinsurance norms by next month for global reinsurers.

Among the set of new norms, the Insurance Regulatory and Development Authority of India (Irdai) is expected to highlight the norms of ‘right of first refusal’ — the norm that will favour the ongoing businesses of state-run reinsurer GIC Re. Irdai approved the Reinsurance Act in its last board meeting in Hyderabad on September 28.

ATR planes may not get slots in busy airports

The private operators of Delhi and Mumbai airports want “slow-moving” turboprops or ATR aircraft to shift to smaller airports nearby for making space for bigger jets.

Delhi International Airport (DIAL), the joint venture that manages the IGI airport in the capital, has claimed that the move would free up 38 slots per day at the country’s busiest airport.

The Mumbai airport operator MIAL has argued that replacing turboprops or ATR with bigger jet planes like B737 and A320 would improve efficiency, optimally utilise scarce resources and serve higher number of passengers.

BoB chief ayakumar gets 1-year extension

Bank of Baroda's (BoB) managing director and chief executive officer P S Jayakumar (in pic) was on Thu­rsday given one-year extension, an order issued by the personnel ministry said. Jayakumar, a chartered accountant by qualification, had joined BOB in October, 2015. The appointments committee of the cabinet has approved extension in tenure of Jayakumar for a period of one year, that is till October 12, 2019, beyond his currently notified period of appointment of three years that expires on October 12, 2018, it said.

Icai sets up panel to study systemic issues in IL&FS crisis

Chartered accountants' apex body Icai on Thursday said it has constituted a nine-member panel to study the systemic issues in the IL&FS crisis, amid the government intensifying efforts to address the problems at the diversified group.

The setting up of the committee by the Icai comes days after it sought explanation from audit firms that carried out statutory audit works at the IL&FS Group in the past few years.

LIC's open offer for stake in IDBI begins on Dec 3

LIC's open offer to purchase shares from the minority shareholders of IDBI Bank will kick-start from December 3, IDBI Bank said on Thursday.

The open offer, at Rs 61.73 per equity share, will close on December 14.

LIC has offered to acquire 2,04,15,12,929 equity shares, representing 26 per cent of the fully paid-up equity capital of IDBI Bank as per the open offer process in accordance with Sebi regulations, IDBI Bank said in a regulatory filing.

Limited gains from ethanol to sugar industry

Sugar companies are expected to report higher profits for the second quarter, thanks to a series of supportive measures taken by the government. However, the Centre’s recent measures like the 25 per cent increase in ethanol prices and introduction of the National Biofuel Policy, though positive, are unlikely to change sugar cyclicality. Moreover, the supply overhang in the industry would continue on the back of robust production, says a report.

Wipeout! Rs 4 lakh crore gone in 5 min

It was mayhem on D-street on Thursday morning following a massive drop in domestic stocks — a stock market crash in which investors lost about Rs 4 lakh crore in a cataclysmic five minutes.

Against a market value of Rs 1,38,39,750 crore for BSE listed companies on Wednesday, the combined market capitalisation of these companies got eroded to Rs 134.38 lakh crore in the initial trades, according to BSE data.

Just a little over a month back, on August 30, the market valuation of all BSE-listed companies stood at Rs 1,59,34,696 crore.

Only 400 firms respond to draft data protection bill

The IT Ministry has received more than 400 responses from companies, industry bodies and government departments on the draft personal data protection bill, and will take stock of suggestions before its proposed introduction in Parliament, according to a senior official. The deadline to submit suggestions on the government’s draft personal data protection bill closed on Wednesday.