Unity Infraprojects, , one of India's largest civil contractors, has secured an order worth Rs 54.50 crore from Amanora Park Town for construction of six towers, RCC works and upto gysum finish - (R21) Sector, Amanora Park Town, Hadapsar, Pune.
The project is scheduled to be completed within next 29 months.
SBI Life Insurance, India's third major private has announced the introduction of SBI Life Shubh Nivesh, a traditional savings plan with an option of whole life cover for its customers.
The newly introduced savings plan (Shubh Nivesh) has been designed to meet the savings, protection and income needs of customers having a risk-averse profile.
subscribers with an extra account from which funds can be withdrawn anytime they want.
An NPS subscriber can now have two accounts—a standard one and a flexible one. Although the norms for investing the contributions to these two accounts would be the same, subscribers will have greater flexibility in accessing funds from the second one, when needed. One can access funds from the standard account called tier one only for specific needs such as medical emergency or marriage. The flexible account will be introduced on December 1, 2009.
The pension regulator also decided in principle to introduce a low-cost pension scheme for the poor, for which PFRDA is negotiating with the record keeper to reduce the annual charges from Rs 350 to Rs 60, PFRDA chairman D Swarup told ET.
The National Securities Depositories (NSDL) has agreed to slash the charges to Rs 75 a year, but PFRDA is negotiating to further lower it to Rs 60. The scheme would enable a large section of the nearly 28 crore low-income workers such as rickshaw pullers, fishermen, weavers and street hawkers to have a safety net to lean on when they enter the twilight years of their working life.
“The idea of having more than one record keeping agency has also received the blessings of the PFRDA board,” said Mr Swarup. Competition among record keeping agencies would bring down cost and enhance efficiency, pension experts said.
The three-member board of the regulator also decided to accept proposals from corporate entities to manage their pension funds subject to the condition that these entities will have only those investment choices that are available to any other pension subscriber. They will not be able to customise the investment options. NPS’ fund management charges are quite low. The regulator has already received proposals in this regard from SBI and Himachal Road Transport Corporation.
its state-run banks and funding infrastructure projects. The bank said the loans would support the country’s economic stimulus measures by channeling resources into infrastructure, power and irrigation sectors.
“This is a crucial time to support Indian economic recovery,” World Bank country director for India Roberto Zagha told reporters in a video conference. “Despite the uncertainty about the pace of economic recovery, current trends suggest a growth rate of between 5.5% and 6.5% for 2009-10 is realistic,” he said.
Of the total sanctioned amount, $2 billion will go to the Centre for enhancing the capital base of public sector banks, $1.195 billion to the India Infrastructure Finance Company (IIFCL), $1 billion to PowerGrid Corporation and $150 million to Andhra Pradesh for a rural water supply and sanitation project, the World Bank said here.
The government will use the $2 billion for the banking sector to ensure that shortage of capital does not constrain the banks’ ability to lend. The World Bank denied media reports that the loan has pre-conditions such as asking the government to reduce concessional lending to certain priority sectors.
“No conditions are imposed on public sector banks. This is not a loan for the recapitalisation of banks. It provides budgetary support to the government of
Punjab National Bank (PNB), India's second largest public sector lender has decided to purchase a stake in Kazakhstan's Metrokombank.
The sources said that the pact may be concluded after due diligence is finalized.
The officials of Metrokombank stated in a communiqué that the deal will take place once several conditions are met, including a due diligence check and regulatory approvals.
The sources informed Metrokombank ranks 30th among Kazakhstan's 37 banks by assets, with 4.7 billion tenge (US$31.1mn) in assets as of Sept. 1.
echnical analyst Abhishek Jain of Stocksidea. com has suggested investors to buy ICICI Bank for short term.
Mr. Jain expects the stock to hit a target of Rs 925.
According to Mr. Jain, the stock may face some resistance around Rs 894 levels, but after that it can even have more upward movement.
The scrip has very strong support at Rs 802.
