Short change: HDFC, Birla Sun, Reliance Life top Irda’s unfair business chart

DFC Standard Life, Birla Sun Life and Reliance Life top the chart of unfair business practices.

By: PTI | Pti | Published: July 28, 2014 3:57:37 am

HDFC, Birla Sun, Reliance Life top Irda’s unfair business chart

DFC Standard Life, Birla Sun Life and Reliance Life top the chart of unfair business practices among two dozen life insurance companies, as per the Irda data submitted to the Finance Ministry. According to the data on ‘Unfair Business Practices’,compiled by the insurance regulator Irda, 10,819 complaints were filed by consumers against HDFC Standard life during April 1-July 20, 2014. These complaints relate to alleged “selling of (life insurance) policies by making false lucrative offers”. The data further revealed that 6,185 complaints were received against Birla Sun Life, followed by 6,168 against Reliance Life during the period. The track record of country’s largest insurer LIC was much better as compared to private counterparts.

‘Small and mid-cap funds beat benchmarks by a wide margin’
Small and mid-cap funds have beaten the benchmarks as well as large funds in terms of returns, according to an industry report. Leading the small-cap fund is the one-year Reliance Small Cap Fund with returns of 107 per cent, beating the BSE Small Cap Index’s returns of 80 per cent by a wide margin, show the data from Value Research that tracks mutual funds as of July 25. For a one-year period, the benchmarks Sensex and Nifty underperformed the small cap and mid-cap indices, with returns of 31.90 per cent each. During the same period, the mid-cap indices of the BSE and NSE gave returns of 57.2 per cent and 49.90 per centre respectively.

Stock markets may see volatile trading amid derivatives expiry

Trading in stock markets would largely be driven by corporate earnings in a holiday-shortened week ahead and may see volatile trading amid futures and options (F&O) expiry on Thursday, say experts. Stock markets will remain closed on Tuesday for ‘Id-Ul-Fitr’. Investors will also watch progress of monsoon, investment trend by overseas investors, oil price and movement of rupee against the dollar. Besides, shares of auto companies will be in focus on announcement of sales data for the month of July from Friday. Among major earnings this week are from biggies such as Hindustan Unilever, Larsen & Toubro, Sesa Sterlite, Bharti Airtel, DLF, HCL Technologies, ICICI Bank, Maruti Suzuki India, NTPC and JSW Steel.

FII inflows hit $5 billion in July; cross $25 billion so far this year

Betting big on the government’s reforms agenda, overseas investors have poured in more than $5 billion in the Indian market so far this month taking the total inflow to over $25 billion since January. Net investments by foreign investors in the equity market were $2.2 billion (Rs 13,166 crore) from July 1-25, while they amounted to $ 3 billion (Rs 17,829) in the debt market, taking the total to $5.2 billion (Rs 30,995 crore), as per the latest data. Market analysts maintain that foreign investors have been betting on the Indian market mainly on account of the reforms agenda of the new government at the Centre.

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