Companies and Markets

Companies & Markets

Irdai proposes changes in registration norms for insurance firms

The regulator Irdai on Monday proposed to relax norms for registration of insurance marketing firms with an aim to improve penetration of insurance products in the country. Insurance marketing firms (IMFs) are registered by the insurance regulatory and development authority of India (Irdai) to solicit or procure insurance products.

Earlier this year, the regulator had constituted a committee for review of IMF regulations. Based on the recommendations of the panel, Irdai has proposed several changes in the existing framework governing IMFs.

Investors hopeful of MPC meet outcome

The market closed flat as rupee weakened by 86 paise against the dollar while crude oil prices surged after the US and China reached to a 90-day trade tariff ceasefire. The

Sensex closed at 3,6,241 up 46.70 points or 0.13 per cent. Meanwhile, the Nifty rose 0.06 per cent or up 7 points to 10,883.75 level. Broader market outperformed the benchmarks as BSE Mid-cap and small cap indices gained 0.46 per cent each.

RCom inches to spectrum sale to Jio

Creditors and vendors of RCom on Monday heaved sigh of relief after the Anil Ambani’s RCom submitted a corporate guarantee of Rs 1,400 crore to the Department of Telecom inching towards closure of the spectrum sale with Reliance Jio and also ensuring their repayments.

The Supreme Court, on November 30, ordered the DoT to grant a no-objection to Reliance Communications for spectrum trading within 7 days. The court had upheld the earlier order of the Telecom Disputes Settlement and Appellate Tribunal (TDSAT), and said no bank guarantee is now required.

Tata Trusts, Mars Inc to fight malnutrition

Mars, the $35-billion American family-owned global manufacturer of confectionery, and Tata Trusts plan to tackle malnutrition among schoolchildren in the 6-18 age group in all population segments by delivering enhanced nutrition products manufactured locally in the country.

The two partners introduced the GoMo Dal Crunchies, priced between Rs 10 and Rs 20, for school children, pregnant and lactating women initially in Maharashtra and Uttar Pradesh through select NGOs and other partner organisations.

Sebi adds confidentiality clause in settlement rules

To help fast track cases, the market regulator Securities and Exchange Board of India (Sebi) has made the settlement rules more attractive by including confidentiality and lenient terms for approvers, but will not settle cases of defaulters and fugitive economic offenders. Sebi said it would not settle proceedings in cases of alleged default that had market-wide impact, caused losses to a large number of investors, or affected integrity of the market.

Adanis buy HDIL arm, raise stake in Kerala

The Adani Group has been successful in raising its stake in Kerala with the acquisition of Blue Star Realtors, a subsidiary of Housing Development Infrastructure (HDIL). Sources in the company affairs ministry and the Registrar of Companies (RoC) confirmed the development.

Six top IL&FS executives named respondents in NCLT

The ministry of corporate affairs has named six high-profile executives of the debt-laden Infrastructure Leasing and Finance Company (IL&FS) as respondents in its interim report to the National Company Law Tribunal (NCLT).

Sebi move sends Sun Pharma to ICU, shares dip 7.5%

Shares of Sun Pharmaceutical on Monday dived 7.52 per cent to end at Rs 455.30 apiece on the BSE after reports that market regulator Sebi may reopen an insider trading case against the company and probe alleged lapses by some of its promoters.

MFs lose nearly half the value of Yes Bank holdings

Domestic mutual funds have taken a sharp hit on their portfolios, as Yes Bank shares fell sharply over the past two months.

Data shows that 29 MFs together held 10.55 per cent stake in Yes Bank, and as on September 19, the total value of Yes Bank shares held by them stood at Rs 8,525 crore, when the shares were ruling at Rs 350.

Following the huge sell-off after RBI denied Rana Kapoor’s extension, the share price crashed by almost a half and the value of MF holding in Yes Bank, as on Sept 28, came down Rs 4,481 crore at Rs 183 per share.

Headwinds over, market set to move up

The market was on a roll last week and saw substantial gains. The market made gains on the first four trading days and was flat on the last day. The Sensex gained 1,213.28 points, or 3.47 per cent, to close at 36,194.30 points. The Nifty gained 350 points, or 3.32 per cent, to close at 10,176.75 points. The broader indices saw the BSE100, BSE200 and BSE500 gain 2.89 per cent, 3.32 per cent and 2.48 per cent, respectively.