September, 2009 - FreePress India

RBI to conduct special repo of Rs 6,000 crore

September 7, 2009 by Editor's Desk

India’s monetary authority Reserve Bank of India (RBI) said in a notification that it would conduct a special repo auction for Rs 6,000 crore on Monday. The reversal of the repo would occur on September 22. The special repo by the RBI is a part of its effort to ease the credit amiability for targeted sectors, which faced severe problems in the aftermath of the global financial crisis last year.

In order to help the mutual fund industry tackle the redemption pressure, the central bank introduced the special repo facility on a daily basis with effect from October 14, 2008, offering Rs 2,000 crore everyday. The size of the lot was later increased to Rs 6,000 crore later to include the liquidity needs of non-banking financial companies and housing finance companies.

Aurobindo receives Swissmedic approvals for Amlodipine Besylate, Metformin

September 7, 2009 by Editor's Desk

Aurobindo Pharma has received two approvals from Swissmedic, Government of Switzerland for the license of Amlodipine APL 5mg and 10mg tablets and Metformin APL 500mg, 850mg and 1000mg tablets.

Amlodipine APL 5mg and 10mg tablets fall under the Cardio Vascular Disorder (CVD) therapeutic segment and is indicated for the treatment of angina pectoris and mild to moderate hypertension, alone or in combination with other antihypertensives.

Passport Seva Projec’ at six pilot locations delayed: TCS

September 4, 2009September 4, 2009 by Editor's Desk

Tata Consultancy Services, which has been appointed by the Centre to implement the ‘Passport Seva Project’, stated that implementation of the project at six pilot locations has been delayed because the ministry of external affairs did not make available the Disaster Recovery Site. The IT major hopes to roll out the project at the six pilot locations by October this year.

15-day free-look period for people to surrender health insurance policy – IRDA

September 4, 2009 by Editor's Desk

Insurance Regulator, Insurance Regulatory and Development Authority (IRDA) now allowed a policyholder to exit from health insurance with a cover for three years or more within 15 days, which is known as free-look period.

The policyholder can exit or surrender the policy if he is not satisfied with the terms and conditions of the agreement. The regular has mentioned the aforesaid in a circular sent to all insurance companies.

Read more15-day free-look period for people to surrender health insurance policy – IRDA

Private companies sales decline and fall

September 4, 2009 by Editor's Desk

Industry sales grew by 2% YoY (-4% in June, -10% in May), the first time in nine months. This was driven mainly by the 21% YoY growth shown by the state-owned LIC. Private player sales also showed a slowdown in sales contraction (-11% YoY for July
vs -13% for June and -29% for May).

Commodity exchanges record 45% rise in turnover in August

September 4, 2009 by Editor's Desk

The three leading commodity exchanges – the Multi Commodity Exchange (MCX), the National Commodity & Derivatives Exchange (NCDEX) and the National Multi-Commodity Exchange (NMCE) – recorded splendid turnover in August despite uncertainty over recovery in global economies that forced participants to play safe and hold back their investment and trading plans.

The three comexes that represent over 95% cent of India’s futures trade, witnessed 45.40% growth in turnover at Rs 6,17,484.83 crore in August 2009 as compared to Rs 4,24,666.28 crore in the corresponding month last year. Total agri business of the three exchanges soared 119% to Rs 121619.44 crore while non-agri business also advanced 34.33% to Rs 495865.40 crore.