Sahara Life gets one-week relief from SAT on order to transfer policyholder liabilities


The Securities Court and Court of Appeals (SAT) has ordered the status quo for a week in the Insurance Regulator Directive to transfer the obligations of the holders of Sahara life insurance policies.

A senior IRDAI official said Sahara life had serious “governance issues” and will give its response in a week. The official added that the company will be transferred after one week. The life of the Sahara did not immediately respond to a letter sent by Moneycontrol.

Friday IRDAI had directed ICICI Prudential Life Insurance to support the life insurance portfolio of the Sahara Life Insurance as of July 31. A sum of Rs 78 million rupees has already been removed from the name of security deposits in Sahara life insurance, according to a report by the director appointed by IRDAI.

RK Sharma, who was appointed director in June to manage the affairs of the insurer, said that the company’s promoters are no longer “suitability”. “The company survives mainly from the release of reserves, but the situation can not last long because the company’s new premium has declined dramatically,” Sharma said in the report.

In a statement released Sunday, Sahara Vida said that, first, IRDAI has not authorized the extension of the branch and now IRDAI claims that companies are not increasing. In addition, the insurer said that the IRDAI appointed an administrator for the most known reasons and that the administrator has secretly submitted a report to the IRDAI to transfer the activity of Sahara life to any other entity.

“Even a copy of the administrator’s report has not been provided to the Sahara life, nor have they had the opportunity to hear a report such as before moving the transfer order of business to a third party.” The company has never acted in a way detrimental to The interests of the insured. The Sahara continue their action against an IRDAI such an approach before the Court of justice, “according to the insurer.

In June, IRDAI had appointed an administrator to look into the affairs of the insurer and, later, had instructed not to write new business. On the basis of certain criteria, some six insurers approached to measure their interest in the purchase of the insured’s liabilities. Among them, ICICI Prudential Life Insurance has given its favorable agreement.

The Sahara group has faced financial problems since its boss Subrata Roy was arrested in 2014 in the case of dupage investors. The Sahara as the investment of an investment fund was canceled by the Stock Exchange Board of India the following year.

On the issue of Rs 78 crore being diverted, Sahara Vida said it was bad concluded. “In fact, this amount was kept as a security deposit with an entity, the Sahara India which provided furnished and computerized premises in about 150 places. Beneficial for the Sahara life.While IRDAI concluded so recklessly.the amount of the deposit is fully refundable from the Sahara life, “he said.

Friday SAT dismissed the Sahara exception against an order from the Indian Stock Exchange Board (SEBI) canceling its investment funds from the license. However, the company had six weeks to go to the Supreme Court. SEBI had said that the mutual fund of the Sahara no longer met the criteria of “appropriate and appropriate” also mentioned by an IRDAI point in its order.

Why India’s sugar production in 2017-18 will leave a bitter taste in the mouth


While the ISMA trading body has estimated sugar opening values ​​on 10/1/16 in the 77 lakh MT, on the ground, it may not exceed 65 lakh TM. This is the hard truth.

For the 2016-17 season, ISMA has revised its estimated sugar production reduced from 234 lakh lakh TM to 213 MT and now more than 203 lakh TM, which is around 201 lakh TM and maybe just below 203 lakh TM .

ISMA is trying to reduce the sugar scarcity scenario and the precarious situation on the ground to avoid government anger, showing that India has enough sugar.

This was indicated by ISMA even before the season in October 2016. The situation would be worse had there been no import of 5 lakh tonnes of sugar from May to July 2017.

Estimating the final stock of 30-9-17 23 lakh MT and this is equivalent to about 31 days of sugar consumption, which can take care of needs in October 2017.

From November 1, 2017, India could not have sugar to eat, unless Indian factories will begin to crush the last week of October in Maharashtra, Karnataka and UP.

India has learned to have seen consumption of 182 lakh tonnes of sugar during the first nine months ending between 30 and 6-17 and there is a stock of 69 lakh tonnes of sugar as 01/07/17 reported by the media .

In return, estimated consumption for 3 months ending between 30-9-17 was observed at 66 lakh tonnes, due to the festive season that followed and stock settlement occurred due to the GST transition.

This gives even more gloomy situation for October 17 that was not considered and was based here.

In return, looking for an available stock of 23 lakh tons of sugar, 30-9-17, can meet consumption for the month of octobre17 single; This month risk of higher sugar consumption as Independence Day, the most important season for sugar consumption falls on October 19 this year.

UP: Sugar production of 88 lakh TM for the 2016-17 season, growing by more than 29%, compared to the 68 lakh MT observed last season.

Maharashtra and Karnataka sugar production fell by more than 42% this season compared with last season, with Maharashtra saw 42 lakh tonnes and 20.60 lakh tonnes in Karnataka. .

TN, AP, Telangana: sugar production this season is lower by about 25% on average, v / s season dernière.TN should show a production of 10.50 lakh tonnes, while AP and Tealnagan 6 lakh tonnes.

The free sugar mill price in Tamil Nadu now exceeds Rs.1.50 per kg. During UP ex mill, which otherwise had always used to reign up to Rs.1.50 / kg, as there is no significant stock of sugar in Tamil Nadu.

TN experiencing a great shortage of water, with Gob. After having allocated water for priority purposes such as alcohol, livestock, coconut farming and sugar cane.

Therefore, TN will not see the output of more than 2 lakh MT sugar second season 2016-17, which began in June 2017. Even in the current monsoon, since the date was met with a deficit of about 27% up That date, which also Aura strong impact on production next season.

Therefore U.P. Sugar mills, which hold good pieces of sugar, recorded the best results that have been made during the year 16-17, so that the record could be broken by a financially performing companies to record up to exercise 17-18 .

Closing bell: Sensex soars 205 pts, Nifty ends above 10,050; SBI rises 4.5%


15:30 Market closure: The market has increased sharply sharply, with the Sensex increased by 205.06 points and 514.94 32 Nifty increased by 62.60 points 10,077.10, with shares of banks, oil, breach and technology.

However, market amplitude was negative for approximately 1,442 stocks declined versus 1264 stocks advanced on BSE.

Indian state bank rose 4.5% after the bank has cut the deposit savings rate.

15:27 Infibeam chimney: the stock rose 8 percent after Snapdeal calls Flipkart the merger to continue its independent path.

Modify 15:25 in the market: Equity contacts were opened in the afternoon trading, the Sensex increased by 211.58 points and 521.46 32 Nifty rose 66, 55 points and 10 081.05 despite a weak market .

14:45 buzz: iron ore producer NMDC and Vedanta Shares have gained 4.5 percent intraday after the rally on long-term iron ore contracts.

Iron ore futures in China have continued to move upwards. Stock futures contracts reached a top 8 percent and trade in a new four-month high.

Incorporated in 1958, NMDC State participated in the exploration of a wide range of minerals including iron ore, copper, phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond sands, tin, tungsten, graphite, To the beach, etc.

NMDC is the largest iron ore producer in India, which currently produces iron ore from its three fully mechanized mines in Chhattisgarh and two in Karnataka state.

Vedanta is India’s largest privately owned iron ore producer, including iron ore operations in Goa, Karnataka and Liberia.

14:26 The analyst’s decision to reduce the savings rate by OSE Jimeet Modi, CEO of SAMCO Valores, said that the OSE, unlike its private sector peers, offering simple savings accounts for public sector customers with costs And is highly dependent on the interest income of this floating arrangement.

2:20 pm Market Update: BSE Sensex 30 shares rose 144.83 points 32 454.71 and the NSE Nifty 50 shares rose 38.05 points to 10 052.55.

The market amplitude was negative for approximately 1,314 stocks declined against stocks 1278 advanced on BSE.

14:02 Interview: 60 percent of non-microfinance book institutions (IMF) increased 36 percent in the first quarter, according to PN Vasudevan, MD and CEO, Equitas Small Banking Finance.

He also said gross non-productive book (NPA) assets other than MFIs remained stable at 4.5 to 4.6%.

On the front of the farm loans, he said that MFI loans are not part of the agricultural loan exemption announced in Maharashtra.

Speaking of expansion, he said that the expansion of the industry has led to an increase in operating costs. However, a significant expansion of the branch of approximately 12 to 18 months is not expected, he added.

He said that loan rates on new products are lower.

Better return on assets (ROA) is expected due to a healthy profile of new products. Equitas has made additional provisions in the first quarter of Rs 23 crore.

13:42 buzz: Shriram Transport Finance Q1 rose 20% over last year to Rs 448.7 crore Rs 374.1 crore.

Total revenues increased by 7.9 percent to Rs 2,898.4 crore compared to Rs 2,686.7 crore compared to the previous year.

At 13:42, IST, the quoted value at Rs 999.55, or Rs 29.85, or 3.08% on BSE.

1:22 p.m. Profits: Shree Cement’s first quarter earnings fell 13.3 percent to R440.1 crore compared to Rs 507.7 crore earlier this year, despite a lower tax rate. Weak operating performance has affected profitability, but revenue yield.

HSBC profit rise by 5%, announces $2 billion share buyback


Said HSBC Holdings PLC Monday that earnings rose 5% during the six months of June and announced its third repurchase for a year, indicating continued progress on the six-year recovery plan of Europe’s largest bank.

HSBC, like many global banks, spent years in the 2008 financial crisis by expanding its empire with a series of acquisitions. Recent years have seen reduced employment and the sale of assets around the world to reduce the group to profitability and keep dividend payments tight.

Bank CEO Stuart Gulliver and President Douglas Flint retire, leaving a legacy of improving revenue and returning more capital to shareholders, focusing on cutting the bank’s empire and targeting Asia.

The latest stock repurchase of up to 2 billion, occurs when HSBC uses the excess capital to offset the dilution effect of dividend paid shares. A previously announced $ 1 billion repurchase was completed in April.

“The return on equity is because the company is very rewarding, very profitable … the dividend is 51 cents for the foreseeable future,” Finance Director HSBC Iain Mackay said Monday.

The takeover, once completed, will amount to the buyback of HSBC shares from the second half of 2016 to 5.5 billion dollars.

Listed shares of Hong Kong Hong Kong Stock Exchange rose to 3 percent after the announcements, which has increased revenues by about 1 percent in morning trading, while the overall market was trading 1 percent.

“Over the past 12 months we have paid more dividends than any other European or American bank and spent $ 3.5 billion on shareholders by repurchasing shares,” Gulliver said.

HSBC has maintained its dividend payout ratio higher than many competitors in recent years, including last year, as a slowdown in banks’ earnings growth has led rivals such as Standard Chartered PLC to remember payments.

HSBC dividends amounted to $ 10.1 billion in 2016, 10 billion in 2015 and 9.6 billion in 2014.

For the half year through June, pre-tax earnings amounted to $ 10.2 billion, compared with $ 9.7 billion for the same period last year, compared with the average estimate of 9.5 billion extracted from analysts Consulted by the bank.

The bank also said its equity capital ratio of 1 to 1 measure of financial strength – was 14.7 percent at the end of June, up 14.3 percent three months earlier and a 12.1 percent early of this year.

The ratio is expected to rise as the bank repatriates about $ 8 billion at its US subsidiary, following last year’s approval by the US Federal Reserve.

China Venture

The bank, which accounts for more than half of its earnings in Asia – most of Hong Kong and China – said pre-tax earnings in Asia rose 7% in the first half to $ 7.6 billion, due Mainly to asset management and Hong Kong insurance income.

HSBC obtained approval last month from China to create a joint investment banking joint venture with a state-backed fund, ending a 20-month wait, making it the first company of its kind in China to be Majority ownership of a foreign bank.

The company will enable HSBC to grow in the second world economy, and is at the heart of its ambition to increase profits from the pearls of the fast-growing river delta region.