New Delhi

Bharti AXA General on way to break-even, bets on profitability

After reporting significant growth in gross written premium and improved financial numbers in 2017-18, Bharti AXA General Insurance now envisions break-even by the end of the current financial year.

The private non-life insurer, a joint venture between Bharti Enterprises and French insurer AXA, is betting on growth and profitability.

The company has registered 34 per cent growth in gross written premium (GWP) to Rs 1,772 crore in the financial year 2017-18 from Rs 1,326 crore during 2016-17.

Axis Bank shortlists three names to succeed Shikha Sharma

Axis Bank on Tuesday said it has shortlisted three candidates to succeed the MD & CEO Shikha Sharma (in pic), whose term is due to expire in December this year.

The bank, however, did not disclose names of the candidates shortlisted for the post.

In terms of extant RBI norms and the succession planning process of the bank, the board of directors of the bank at its meeting held on July 9, 2018, has recommended the names of three candidates, in order of preference, for the approval of the RBI, Axis Bank said in a regulatory filing.

Cement firms’ operating margin under pressure

Cement companies are expected to post over 18 per cent growth in sales volume for the April-June 2018 quarter. However, they are likely to report reduced profit as their Ebitda margins have come down by nearly 20 per cent during the first quarter. This, despite a 1.5 per cent quarter-on-quarter improvement in average cement price pan-India .

Jio Institute’s Institution of Eminence tag conditional: Govt

Facing criticism for the selection of the yet-to-be-established Jio Institute by Reliance Foundation as an “Institution of Eminence”, the HRD Ministry on Tueday clarified that the tag was conditional and it would get only a letter of intent for now.

Chidambaram, Karti get relief from arrest till Aug 7; ED opposes bail

A city court on Tuesday ordered that former union minister P Chidambaram and his son Karti would not be arrested in the Aircel-Maxis deal related money laundering case till August 7, even as the Enforcement Directorate opposed the former’s anticipatory bail plea.

The ED opposed the bail application before special judge OP Saini in its written submission and sought time to argue the matter.

Andhra number 1 in ease of doing biz; Telangana second

Andhra Pradesh has topped the ease of doing annual business ranking of states and Union Territories by the World Bank and Department of Industrial Policy and Promotion (DIPP). Telangana and Haryana are at the second and third positions, respectively, according to a statement issued by DIPP. Others in the top ten are Jharkhand (4), Gujarat (5), Chhattisgarh (6), Madhya Pradesh (7), Karnataka (8), Rajasthan (9) and West Bengal (10). Meghalaya was ranked last at 36th position.

Hit machine Hirani does it again, Sanju racing towards Rs 300 cr club

Rajkumar Hirani’s Sanju continues to do gangbusters business at the Box Office. Setting a scorching pace, the film has broken all sorts of records, joining the Rs 200 crore club within a week of its release and it has on its 10th day collected a sum of Rs 28.05 crore, taking the total collection to Rs 265.48 crore. Giving a fresh lease of life to Ranbir Kapoor’s sagging career, it has posted many firsts — highest opening weekend earner to being the highest single day earner, Sanju has set the cash registers ringing at the Box Office.

Vodafone looks forward to successful integration with Idea: CEO

British Telecom major Vodafone on Tuesday indicated to have accepted the Department of Telecom’s conditional approval to its merger with Idea Cellular with a cash payment of Rs 3,926 crore on account of spectrum price differential between entry fee and market price, a move which may mean the company may not challenge the demands legally.

Patanjali says won’t back out from race to acquire bankrupt Ruchi Soya

Patanjali Ayurved will not back out from the race to acquire bankruptcy-bound Ruchi Soya and explore all options, including legal, to clinch the deal, its managing director Acharya Balkrishna said on Tuesday.

Adani Wilmar, which sells cooking oil under the Fortune brand, and Ramdev-led Patanjali are in the fray to acquire debt-ridden Ruchi Soya. Adani has emerged as the highest bidder (H1) with an offer of about Rs 6,000 crore, while Patanjali’s bid was worth around Rs 5,700 crore.

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