Regulator IRDAI on Thursday asked motor insurance providers to discontinue advertisements showing services, like free pick up and drop of vehicle, which are not part of the insurance cover. General insurance companies enter into service agreements with motor workshops/garages for the purpose of providing motor insurance claim services for repair of accident vehicles. IRDAI said [...]
India Advantage Fund S4 I on Thursday offloaded 18.11 lakh shares of Go Fashion (India) Ltd, which owns women's clothing brand Go Colors, for Rs 190 crore through an open market transaction. According to bulk deal data available with BSE, ICICI Venture through its fourth private equity fund -- India Advantage Fund S4 I sold [...]
The Tata Group-run Air India has banned smoking and consumption of intoxicating substances at the workplace and any employee violating this order will be "dealt with appropriate consequences", the airline's Chief Human Resources Officer (CHRO) Suresh Dutt Tripathi has stated. When asked about the communique issued on Wednesday, an Air India spokesperson said, "We would [...]
Luxury and premium watch retail player Ethos' initial public offer got subscribed 44 per cent on the second day of subscription on Thursday. The Initial Public Offer (IPO) got bids for 17,61,557 shares against 39,79,957 shares on offer, as per NSE data. The quota for Retail Individual Investors (RIIs) got subscribed 68 per cent, non-institutional [...]
Akasa Air's launch of services is likely to be delayed further as the airline is expected to receive its first aircraft only in June or July, according to a senior DGCA official. The carrier, backed by ace investor Rakesh Jhunjhunwala, initially planned to start operations in June and then postponed the plan to July. A [...]
The initial public offer of Paradeep Phosphates was subscribed 1.75 times on the last day of subscription on Thursday. The IPO received bids for 47,02,00,150 shares against 26,86,76,858 shares on offer, according to NSE data. The portion meant for qualified institutional buyers got subscribed 3.01 times, retail individual investors 1.37 times and non institutional investors [...]
In view of difficulties being faced by exporters in getting payments from crisis-hit Sri Lanka, the RBI on Thursday allowed settlement of trade transactions in Indian rupee outside the Asian Clearing Union (ACU) mechanism. In March, the government had guaranteed a term loan of USD 1 billion extended by the State Bank of India (SBI) [...]
The government on Thursday said it has decided to lift the price cap of Rs 6,500 per quintal on raw jute from May 20 this year. It is expected that the cap removal will help the farmers, mills and jute MSME sector, wherein over 7 lakh people are dependent on the jute trade in addition [...]
The Assam Police has issued an advisory to Oil India Ltd (OIL) and ONGC regarding probable subversive activities by banned ULFA(I) militants on their installations in the state as well as their employees, officials said on Thursday. The two PSU energy majors have taken the security input "seriously" and already issued a series of "dos [...]
Punjab & Sind Bank on Thursday reported an over two-fold jump in net profit at Rs 346 crore for the quarter ended March 2022, helped by a decline in bad loans. The state-owned lender had posted a net profit of Rs 160.79 crore in the same quarter of the preceding fiscal year. Total income during [...]
