November 18, 2013 4:55:14 am
Companies mop up Rs 16,000 crore via retail NCDs during April-October
Mumbai: Indian companies have mopped up over Rs 16,000 crore in the current fiscal by issuing non-convertible debentures (NCDs) to retail investors,garnering nearly three times the amount that was targeted. Nine non-banking finance companies,including Power Finance Corp (PFC),Housing and Urban Development Corp (HUDCO) and Rural Electrification Corp (REC) have tapped the NCD route looking to mop up Rs 4,975 crore. Srei Infrastructure Finance and Shriram Transport Finance Company have taken the NCD route twice between April and October – first seven months of the current fiscal,2013-14. Also,all the issues managed to raise more than their targeted amounts. Indicating strong investor demand for the retail debt market products,these companies have managed to garner about Rs 16,279 crore through NCD route in 2013-14 (April-October),as per the data compiled by market regulator Sebi. In 2012-13,15 companies had raked in nearly Rs 17,000 crore via NCDs. In comparison,a cumulative amount of Rs 35,611 crore was garnered by 16 firms through their NCDs in the preceding fiscal year.
SBI Life Insurance to relaunch 10 plans by January 1,2014
New Delhi: SBI Life Insurance plans to relaunch about 10 products by January 1 as part of regulatory compliance to make the policies more customer-friendly. We have some approval from the regulator IRDA. I think we would relaunch about 10 products, SBI Life Insurance Managing Director Atanu Sen said. The Insurance Regulatory and Development Authority (IRDA) had extended the deadline for implementation of new individual product regulations for the life insurance industry by three months to December 31 to enable insurers to cope with the system readiness. The new guidelines are aimed at making insurance policies more customer-friendly. All the existing group policies and all the existing individual products not in conformity with the provisions of this regulation shall be withdrawn from August 1,2013 and January 1,2014,respectively, IRDA had said in a circular.
Reliance MF to launch new close-ended equity scheme
Mumbai:Reliance Mutual fund has said it will launch a new scheme Reliance close-ended equity fund- series A having a five year lock-in period. The new fund offer will open for subscription from November 15 and close on November 29. After six years,markets are in a consolidation mode. Despite the recent rally in key market indices,large number of companies are at attractive levels in valuation terms. We feel this is the right time for launching this product, Senior Fund Manager (Equities) at Reliance MF Sailesh Raj Bhan said. The scheme will provide capital appreciation to the investors for long-term goal of savings,he added.
Gold imports likely to drop 40% to 500 tonnes
New Delhi: Indias gold imports are likely to fall by 40 per cent to 500 tonnes in the current financial year,providing relief to the government,which is trying to narrow the current account deficit and stabilise the rupee. Both the government and the Reserve Bank have taken a slew of measures to curb gold demand and the results are visible as imports till October have totalled about 400 tonnes. Going by the trend,we expect another 100 tonnes to be imported in the five months through March 2014. So we will end the year at about 500 tonnes, a revenue official said. India imported an estimated 835 tonnes of gold in 2012-13,a key reason for the record current account deficit (CAD) of USD 88.2 billion,or 4.8 per cent of GDP.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.