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Universal Sompo General Insurance registers 15% decline in premium collection during Nov
News Details
Universal Sompo General Insurance has reported a decline of 15 per cent in gross premium at Rs 36.98 crore in November 2012 against Rs 43.59 crore in November 2011. The premium collected was significantly lower than that collected in October 2012 as it had surged by 80 per cent to Rs 47.16 crore in October 2012. The insurance company’s premium collection rose by 31 per cent to Rs 331.24 crore during the period April- November 2012 against Rs 252 crore during the period April- November 2011. In November 2012, the total gross premium underwritten by the non life insurance sector stood at Rs 5,158.21 crore.
The private non life insurance sector has underwritten gross premium worth of Rs 2,338.28 crore, up 25 per cent in November 2012 while the private non life insurance sector grew by 22 per cent to Rs 18,829.02 crore during April- November 2012. Similarly, the public non life insurance sector has underwritten gross premium worth of Rs 2,819.93 crore, up 15 per cent in November 2012. The public non life insurance sector grew by 18 per cent to Rs 25,622.30 crore during April- November 2012. Universal Sompo General Insurance is a joint venture between the Allahabad Bank, Sompo Japan Insurance Inc, Dabur investments, Karnataka bank and Indian Overseas bank. The insurance company, with more than 75 general insurance products in its basket, is catering to all the needs of its promoter bankers such as Allahabad Bank, Indian Overseas Bank and Karnataka Bank Ltd.
UBS downgrades Colgate citing higher valuations
Market Eye - UBS
downgrades Colgate Palmolive India Ltd to "neutral" from "buy", saying
the stock has well outperformed the consumer sector since October 1,
2012.
However, UBS says it remains a believer in Colgate, raising its target price to 1,720 rupees from 1,600 rupees.
"Colgate India is one of the most fundamentally sound companies in the consumer space, and that its brand strength and competitive management will continue to drive growth and margin expansion," UBS says in a note dated Thursday.
Colgate has risen 27.7 percent since the close of September 2012 compared with the BSE FMCG index's 5.5 percent rise in the same period.
Colgate shares fell 1.1 percent to 1,524.75 rupees.
HC stops Sterling Biotech from selling, mortgaging assets
MUMBAI
- GAIL Ltd plans to raise capacity at its Dabhol LNG terminal to 7
million tonnes in two years from 5 million tonnes now, its Chairman B.C.
Tripathi said on Thursday.
The state-run gas transmission company, which commissioned its 5 million tonne Dabhol liquefied natural gas (LNG) terminal on Thursday, is considering buying 6 to 7 LNG carriers and will decide on it in 3 to 4 months.
GAIL will get the first cargo to start its Dabhol LNG terminal on January 24 from Russia's Gazprom. It had signed a 20-year agreement to source LNG from Gazprom.
Universal Sompo General Insurance has reported a decline of 15 per cent in gross premium at Rs 36.98 crore in November 2012 against Rs 43.59 crore in November 2011. The premium collected was significantly lower than that collected in October 2012 as it had surged by 80 per cent to Rs 47.16 crore in October 2012. The insurance company’s premium collection rose by 31 per cent to Rs 331.24 crore during the period April- November 2012 against Rs 252 crore during the period April- November 2011. In November 2012, the total gross premium underwritten by the non life insurance sector stood at Rs 5,158.21 crore.
The private non life insurance sector has underwritten gross premium worth of Rs 2,338.28 crore, up 25 per cent in November 2012 while the private non life insurance sector grew by 22 per cent to Rs 18,829.02 crore during April- November 2012. Similarly, the public non life insurance sector has underwritten gross premium worth of Rs 2,819.93 crore, up 15 per cent in November 2012. The public non life insurance sector grew by 18 per cent to Rs 25,622.30 crore during April- November 2012. Universal Sompo General Insurance is a joint venture between the Allahabad Bank, Sompo Japan Insurance Inc, Dabur investments, Karnataka bank and Indian Overseas bank. The insurance company, with more than 75 general insurance products in its basket, is catering to all the needs of its promoter bankers such as Allahabad Bank, Indian Overseas Bank and Karnataka Bank Ltd.
UBS downgrades Colgate citing higher valuations
Market Eye - UBS
downgrades Colgate Palmolive India Ltd to "neutral" from "buy", saying
the stock has well outperformed the consumer sector since October 1,
2012.However, UBS says it remains a believer in Colgate, raising its target price to 1,720 rupees from 1,600 rupees.
"Colgate India is one of the most fundamentally sound companies in the consumer space, and that its brand strength and competitive management will continue to drive growth and margin expansion," UBS says in a note dated Thursday.
Colgate has risen 27.7 percent since the close of September 2012 compared with the BSE FMCG index's 5.5 percent rise in the same period.
Colgate shares fell 1.1 percent to 1,524.75 rupees.
HC stops Sterling Biotech from selling, mortgaging assets
News Details
Gelatin maker, Sterling Biotech has been prevented by the Bombay High Court from mortgaging or selling its assets. The high court has given this order on January 09 in a winding up petition filed by the holders of foreign currency convertible bonds (FCCBs) issued by the company. In the year 2007, Sterling Biotech had issued USD 250 million convertible bonds, of which the company has redeemed and converted 46 per cent of the initial issue, amounting to approximately USD 115 million. The company was supposed to repay the maturity amounting to USD 184 million on May 17, but failed to do so. In their plea, bondholders had said that in the past, the company had disposed of its interests in a Nigerian oil well to a group firm at very low prices. The bondholders added that further dilution of assets is likely to hurt the interest of lenders. “Company has already divested its substantial equity holding in Sterling Oil Resources Limited (“SORL”).
It appears that the shares have been sold at an undervalue. The Company had provided a valuation report dated 27 October, 2011 which purports to determine the fair value of the shares held by the Company in SORL,” the bond holders had said in their petition. “It (Sterling Biotech) cannot dispose of or create third party interest in its assets on one hand, while seeking adjournment in the matter for filing reply on the other hand. It will be therefore, necessary at this stage to direct the respondent Company not to create any new rights in respect of its assets, except in the usual course of business, till the next date of hearing, and it is so directed,” Justice, N M Jamdar said in his order.
GAIL to raise capacity at Dabhol LNG terminal
Gelatin maker, Sterling Biotech has been prevented by the Bombay High Court from mortgaging or selling its assets. The high court has given this order on January 09 in a winding up petition filed by the holders of foreign currency convertible bonds (FCCBs) issued by the company. In the year 2007, Sterling Biotech had issued USD 250 million convertible bonds, of which the company has redeemed and converted 46 per cent of the initial issue, amounting to approximately USD 115 million. The company was supposed to repay the maturity amounting to USD 184 million on May 17, but failed to do so. In their plea, bondholders had said that in the past, the company had disposed of its interests in a Nigerian oil well to a group firm at very low prices. The bondholders added that further dilution of assets is likely to hurt the interest of lenders. “Company has already divested its substantial equity holding in Sterling Oil Resources Limited (“SORL”).
It appears that the shares have been sold at an undervalue. The Company had provided a valuation report dated 27 October, 2011 which purports to determine the fair value of the shares held by the Company in SORL,” the bond holders had said in their petition. “It (Sterling Biotech) cannot dispose of or create third party interest in its assets on one hand, while seeking adjournment in the matter for filing reply on the other hand. It will be therefore, necessary at this stage to direct the respondent Company not to create any new rights in respect of its assets, except in the usual course of business, till the next date of hearing, and it is so directed,” Justice, N M Jamdar said in his order.
GAIL to raise capacity at Dabhol LNG terminal
MUMBAI
- GAIL Ltd plans to raise capacity at its Dabhol LNG terminal to 7
million tonnes in two years from 5 million tonnes now, its Chairman B.C.
Tripathi said on Thursday.The state-run gas transmission company, which commissioned its 5 million tonne Dabhol liquefied natural gas (LNG) terminal on Thursday, is considering buying 6 to 7 LNG carriers and will decide on it in 3 to 4 months.
GAIL will get the first cargo to start its Dabhol LNG terminal on January 24 from Russia's Gazprom. It had signed a 20-year agreement to source LNG from Gazprom.
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