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Showing posts with label money spidery. Show all posts
Showing posts with label money spidery. Show all posts

Monday, February 13, 2012

Crude oil crosses $100 on Iran, Greek worries



NEW YORK: Oil climbed after the Greek parliament’s approval of an austerity plan bolstered chances for a solution to Europe’s debt crisis and on increasing concern that Iranian crude supplies will be disrupted. Futures rose as much as 2%, the euro strengthened and the global equity market advanced after passage of the package needed for 130 billion-euro ($172 billion ) in aid.

Crude may extend gains after companies controlling more than 100 supertankers said they would stop loading cargoes from Iran, tightening sanctions on OPEC’s second-biggest producer. “The approval of the Greek austerity measures gave the euro a boost and sent equities higher,” said Chris Dillman, an analyst and broker at Tradition Energy in Stamford, Connecticut.

Indian MFIs have deviated from idea of micro credit: Muhammad Yunus

http://www.moneyspidery.com/2012/02/14/indian-mfis-have-deviated-from-idea-of-micro-credit-muhammad-yunus/


MUMBAI: Microfinance institutions in India have deviated from the idea of micro credit, Professor Muhammad Yunus, chairman of Yunus Centre and pioneer of micro-credit, has said.

“They (MFIs) moved away from the idea of micro credit. That has created all the problems,” said Yunus, in a media brefing in Mumbai. “MFIs based in Andhra Pradesh have drifted from their mission.

They need to extract and reintroduce themselves to do business. The problem was created because they called themselves micro credit and deviated from the very plan of micro credit,” he said.

SBI Gen Insurance inks pact with My TVS, India Assistance



Mumbai: Private insurer SBI General on Monday entered into a tie-up with My TVS and India Assistance to provide emergency roadside assistance to its policy holders anytime and for any car across the country.

“We plan to rapidly expand our motor insurance business in 2012. We hope that this tie-up coupled with a world—class technology platform and a passion for paying claims in the most efficient manner will add value to our overall customer offering,” said Mr R R Belle, Managing Director and CEO, SBI General Insurance.

Manappuram Fin ‘will ensure’ compliance with RBI norms

http://www.moneyspidery.com/2012/02/14/manappuram-fin-will-ensure-compliance-with-rbi-norms/


Kochi:   Manappuram Finance will take immediate steps to completely ring-fence its operations and ensure there is no overlapping of business, assets, branches or personnel with other entities owned by the promoters or their family members. The Board of Directors of the company met at Thrissur to review the operations and performance in the context of the recent communication received from the RBI. The Board also directed the company to take all measures to fully address the concerns raised by the central bank.

To enhance governance and better manage growth to the next level, the Board also decided to constitute an independent committee under the chairmanship of Mr Jagdish Capoor (former Deputy Governor of RBI and former Chairman of HDFC Bank). This committee will review relevant aspects of operations, systems, controls and organisational structure, including Board composition and effectiveness.

Lakshmi Vilas Bank Tier II bond issue oversubscribed

http://www.moneyspidery.com/2012/02/14/lakshmi-vilas-bank-tier-ii-bond-issue-oversubscribed/


Coimbatore:    Lakshmi Vilas Bank’s Tier II bond issue, which closed on February 3, is said to have been oversubscribed. The size of the issue was Rs 250 crore.

The Karur-headquartered bank raised the sum through private placement of unsecured redeemable non-convertible subordinated bonds with an option to retain over-subscription. The bonds with a combination of tenures of six years and 10 years offered a coupon rate of 11.4 per cent.

The issue aims to augment the Tier II capital, improve the capital adequacy ratio and enhance the long-term resources of the bank. A K Capital Services was the sole arranger to the issue.

Friday, February 10, 2012

விரைவில் பெட்ரோல் விலை உயர்கிறது


சர்வதேச சந்தையில் கச்சா எண்ணெய் விலை உயர்ந்துள்ளதால் இந்தியாவில் பெட்ரோலியத்தின் விலை உயர்கிறது
பெட்ரோல் விலையை சர்வதேச கச்சா எண்ணெய் விலை நிலவரத்திற்கு ஏற்ப ஒவ்வொரு மாதமும் 1ம் திகதி மற்றும் 16ம் திகதி மாற்றியமைக்க எண்ணெய் நிறுவனங்களுக்கு மத்திய அரசு அனுமதியளித்துள்ளது.
கடந்த டிசம்பர் மாதம் இந்திய ரூபாயின் மதிப்பு சரிந்ததாலும், கச்சா எண்ணெய் இறக்குமதிக்கான செலவு அதிகரித்துள்ளதாலும் பெட்ரோல் விலை லீட்டருக்கு ரூ. 2 வரை உயரும் என்று தகவல்கள் வெளியானது.
இந்நிலையில் சர்வதேச சந்தையில் கச்சா எண்ணெய் விலை கணிசமாக உயர்ந்துள்ளது.

இந்தியா ஐரோப்பா வர்த்தக பேச்சுக்களில் முன்னேற்றம்


ராஜேந்திர பச்சோரியுடன் ஜோஸே மனுவெல் பர்ரோஸோஇந்தியாவுக்கும் ஐரோப்பிய ஒன்றியத்துக்கும் இடையிலான தடைகளற்ற வர்த்தகத்துக்கான ஒப்பந்தம் தொடர்பிலான பேச்சு வார்த்தைகளில் நல்ல முன்னேற்றம் ஏற்பட்டிருப்பதாக இருதரப்பும் தெரிவித்துள்ளன.
இது தொடர்பாக புதுதில்லியில் நடந்த பேச்சுவார்த்தைகளின் முடிவில் செய்தியாளர்களிடம் பேசிய ஐரோப்பிய ஒன்றிய தலைவர் ஜோஸே மனுவெல் பர்ரோஸோ,இந்த ஆண்டு இறுதிக்குள் இந்த ஒப்பந்தம் ஏற்பட்டுவிடும் என்று நம்பிக்கை தெரிவித்தார்.

இந்தியா - சீனா வர்த்தகத்தை மேலும் உயர்த்த நடவடிக்கை


புதுடில்லி: வரும் 2015ம் ஆண்டில், இந்தியா, சீனா இடையிலான பரஸ்பர வர்த்தகம், 10 ஆயிரம் கோடி டாலராக உயர்த்த நடவடிக்கை எடுக்கப்படும் என, வெளியுறவுத் துறை அமைச்சர் கிருஷ்ணா தெரிவித்துள்ளார்.இதுகுறித்து கிருஷ்ணா மேலும் கூறியதாவது:இந்தியாவின் நட்புக்குரிய நாடுகளுள் ஒன்றாக சீனா விளங்குகிறது. சென்ற நிதியாண்டில், இரு நாடுகளுக்கு இடையில், வர்த்தக ஒப்பந்தம் மேற்கொள்ளப்பட்டது. இதையடுத்து, அவ்வாண்டில், 7,400 கோடி டாலர் (3 லட்சத்து 70 ஆயிரம் கோடி ரூபாய்) மதிப்பிற்கு வர்த்தகம் நடைபெற்றுள்ளது.வரும், 2015ம் ஆண்டில், இரு நாடுகளுக்கு இடையில், 10 ஆயிரம் கோடி டாலர் (5 லட்சம் கோடி ரூபாய்) மதிப்பிற்கு வர்த்தகம் புரிவதற்கு இலக்கு நிர்ணயிக்கப்பட்டுள்ளது.இவ்வாறு அவர் கூறினார்.

Bank of Maharashtra to dilute 5% of its equity to LIC

http://www.moneyspidery.com/2012/02/11/bank-of-maharashtra-to-dilute-5-of-its-equity-to-lic/


MUMBAI: Bank of Maharashtra (BoM) will sell shares worth about Rs 100 crore to India’s life insurance leader Life Insurance Corporation (LIC), diluting 5% of its equity that will help the public sector bank improve the capital position enabling it to lend more.

The government-owned bank has decided to issue shares to LIC before the end of this fiscal. Post-share sale, LIC’s stake in the bank will increase to more than 11%.

Reliance Industries’ bond issue may show the way to many others

http://www.moneyspidery.com/2012/02/11/reliance-industries-bond-issue-may-show-the-way-to-many-others/


MUMBAI: Encouraged by the response from foreign funds to Reliance Industries’ 10-year $1-billion dollar-denominated bond offering, investment bankers predict more Indian corporates and banks to build a pipeline of bond offerings in the months to come through their overseas subsidiaries.

“Someone has to set a benchmark, the pipeline is strong for bond offering from Indian banks and corporates,” a banker who was involved in the fund-raising said.

RIL’s $1-billion bond offering was the first corporate bond offering from India in 2012 and first since August 2011. Bankers say banks with overseas branches and Indian companies who have made foreign acquisitions would queue up for raising funds.

L&T Insurance ties up with women’s group for micro-insurance

http://www.moneyspidery.com/2012/02/11/lt-insurance-ties-up-with-womens-group-for-micro-insurance/


hmedabad:   L&T Insurance on Thursday announced a strategic partnership with VimoSEWA, the national insurance cooperative promoted by the Self-Employed Women’s Association (SEWA), for the distribution of micro-insurance products specially designed to cater to the diverse needs of women workers of the informal economy and their families.

14 lakh workers

SEWA is a union of nearly 14 lakh poor, self-employed women workers who earn a living through their own labour or small businesses.

Paperless insurance likely in a year: IRDA chief

http://www.moneyspidery.com/2012/02/11/paperless-insurance-likely-in-a-year-irda-chief/


Hyderabad:   You can expect your insurance transactions to be paperless in the next one year, thanks to an initiative by the Insurance Regulatory and Development Authority.

“We are working on making insurance paperless and have short-listed about four data repositories, including National Securities Depository Ltd, for the purpose,” Mr J. Hari Narayan, Chairman, IRDA, told newspersons on the sidelines of a roundtable on distribution in insurance organised by the Confederation of Indian Industry here on Friday.

Norms on need-based sale are complex, say life insurers

http://www.moneyspidery.com/2012/02/11/norms-on-need-based-sale-are-complex-say-life-insurers/


Hyderabad/Mumbai:    Life insurance companies are complaining that form-filling by new customers will become more laborious if the proposed guidelines on need-based sale are implemented.
There is need for simplifying these norms, they say.  The Insurance Regulatory and Development Authority (IRDA) had released the draft guidelines on this subject 10 days back.  These norms have to be followed by agents of life insurance companies.

In a drive to avoid mis-selling of policies and make it more scientific, the IRDA proposed to make it mandatory for insurers to have in place a suitability index (or a prospect product matrix) as a formula from April 1.

In Oct-Dec, LIC ups stake in banking stocks steeply

http://www.moneyspidery.com/2012/02/11/in-oct-dec-lic-ups-stake-in-banking-stocks-steeply/


Mumbai:    Life Insurance Corporation of India sure has a yen for banking sector stocks. In the October-December 2011 period, India’s largest life insurance company substantially upped stakes in State Bank of India, Punjab National Bank, Bank of Baroda and HDFC Bank.

As on December-end 2011, the life insurance behemoth had raised its shareholding in SBI to 12.76 per cent from 7.36 per cent as on September-end 2011; PNB (to 8.54 per cent from 3.57 per cent); Bank of Baroda (to 8.04 per cent from 6.99 per cent); and HDFC Bank (to 6.32 per cent from 3.29 per cent).
During the reporting three-month period, the BSE’s Banking Index (Bankex), comprising 14 banks, saw a steeper fall, compared to the broader benchmark BSE Sensex. While the Sensex fell 5 per cent, the Bankex was down 15 per cent.

India, Europe to speed up talks on trade pact

http://www.moneyspidery.com/2012/02/11/india-europe-to-speed-up-talks-on-trade-pact/


New Delhi:   India and Europe have agreed to expedite discussions so that a Broad-Based Trade and Investment Agreement can be concluded at the earliest, the Prime Minister, Dr Mammohan Singh, said on Friday.

“We seek solutions that are practical, mutually beneficial and acceptable to both sides. Both sides have made considerable progress in the negotiations on the Agreement,” Dr Singh said at the 12th India-EU Summit meeting.

During the Summit, the Prime Minister conveyed to the EU leadership the importance India attaches to EU’s participation in India’s growth agenda, including in infrastructure development, clean energy technologies, innovation, research and skill development.

ING Mutual Fund announces to rename some of its schemes


http://www.moneyspidery.com/2012/02/10/ing-mutual-fund-announces-to-rename-some-of-its-schemes/


ING Mutual Fund has approved the deletion of the word OPTIMIX from the names of the Multi- Manager Schemes of ING Mutual Fund. Accordingly, the following Multi-Manager Schemes of ING Mutual Fund shall be renamed with effect from 21st March 2012 as follows:-

i) ING OptiMix Income Growth Multi-Manager FoF Scheme – 15% Equity Plan & 30% Equity Plan: ING Income Growth Multi-Manager FoF Scheme -15% Equity Plan & 30% Equity Plan

ii) ING OptiMix Asset Allocator Multi-Manager FoF Scheme: ING Asset Allocator Multi-Manager FoF Scheme

Thursday, February 9, 2012

Tata Balanced Fund announces dividend

http://www.moneyspidery.com/2012/02/10/tata-balanced-fund-announces-dividend/


The record date for declaration of dividend is 15 February 2012

Tata Mutual Fund has announced 15 February 2012 as the record date for declaration of dividend under the dividend option of Tata Balanced Fund. The quantum of dividend will be Rs. 3 per unit on the face value of Rs. 10 per unit. The scheme recorded NAV of Rs. 52.4459 per unit as on 8 February 2012.

Tata Balanced Fund is an open ended balanced scheme. The investment objective of the scheme is to provide income distribution and/or medium to long term capital gains while at all times emphasising the importance of capital appreciation.

HDFC Mutual Fund Unveils Fixed Maturity Plan with the Duration of 182 Days

http://www.moneyspidery.com/2012/02/10/hdfc-mutual-fund-unveils-fixed-maturity-plan-with-the-duration-of-182-days/


NFO Period from 10 February to 13 February 2012
HDFC Mutual Fund has unveiled a new plan named as HDFC FMP 182D February 2012 (1), a fixed maturity plans under HDFC Fixed Maturity Plans – Series XIX (close-ended income scheme). The face value of the new issue will be Rs. 10 per unit. The new issue will be open for subscription from 16 February and will close on 22 February 2012.

UTI MF announces merger of S&P CNX Nifty UTI Notional Depository Receipt (SUNDER) and UTI-Master Index Fund into UTI-Nifty Index Fund



UTI Mutual Fund has announced the consolidation / merger being made to S&P CNX Nifty UTI Notional Depository Receipt (SUNDER) and UTI-Master Index Fund.

SUNDER is an open ended, exchange listed, Index linked scheme based on S&P CNX Nifty Index. The fund has been tracking the underlying S&P CNX Nifty Index. However, the small size of this fund has increased the risk of higher tracking error. UTI Nifty Index Fund too has a mandate to replicate the S&P CNX Nifty Index and minimise the performance differences between the scheme and benchmark subject to market liquidity, costs of trading, management expenses and other factors which may cause tracking error. Therefore, it is proposed to merge the fund with UTI Nifty Index Fund.

IAF fighter deal: Rafale much cheaper than Typhoon; govt rules out review

http://www.moneyspidery.com/2012/02/10/iaf-fighter-deal-rafale-much-cheaper-than-typhoon-govt-rules-out-review/


NEW DELHI: It was the “substantially higher cost” of acquiring and operating the Eurofighter Typhoon that led to its ejection from the almost $20 billion MMRCA ( medium multi-role combat aircraft) project to supply 126 fighters to IAF.

“The French Rafale jet, the eventual winner, beat the Typhoon hollow both in terms of life cycle costs and direct acquisition costs. The entire MMRCA project cost would have gone up by around Rs 25,000 crore if Typhoon had been selected over Rafale,” a top defence ministry source said on Thursday.