NEWS

Posted On:
16-03-2024

Govt approves 17% wage hike for 1.10 lakh employees of LIC

The government has approved a 17 per cent overall hike in wages for more than 1.10 lakh employees of insurance giant Life Insurance Corporation of India (LIC). The wage hike approval has come days after the government cleared a similar raise for the employees of public sector banks. The wage hike for LIC employees is effective from August 1, 2022, the insurer said. NPS contribution is enhanced from 10 per cent to 14 per cent of nearly 24,000 employees who joined after April 1, 2010, it said while thanking the government for the wage revision. A one-time ex-gratia payment to LIC pensioners was also made to more than 30,000 pensioners and family pensioners, it said.

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Posted On:
18-03-2024

Fintechs lead small-ticket loans' volume with 77% market share

Fintech companies in the country have seen an uptick in the volume and value of small-ticket loans disbursed over the past six years, data from a joint report by Experian India and the Digital Lenders Association of India (DLAI) shows. In financial year 2018 (FY18), fintechs accounted for 50 per cent of the loan volumes disbursed with a ticket size less than Rs 1,00,000. In the same category, their market share has expanded to 77 per cent in FY24 (till September 2023). On the value front, fintechs cornered 29 per cent of small ticket loans disbursed in FY18, which rose to 51 per cent in FY24 (till September 2023). Meanwhile, the average ticket size for lenders in the personal loans category in FY24 (till September 2023) was pegged at Rs 11,576. On the value front, fintechs cornered 29 per cent of small ticket loans disbursed in FY18, which rose to 51 per cent in FY24 (till September 2023). Meanwhile, the average ticket size for lenders in the personal loans category in FY24 (till September 2023) was pegged at Rs 11,576.

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Posted On:
18-03-2024

Aditya Birla Sun Life AMC launches Gen AI-based search assist tool for investors

In addition, it also helps Investors to conduct research on our top-performing funds, fund managers, and related topics, the company said in a statement. Aditya Birla Sun Life AMC Ltd has launched 'My Mutual Fund GPT', a cutting-edge generative AI-based tool aimed at enhancing investor experience across its digital platforms. This innovative tool surpasses traditional keyword matching techniques by understanding the context of queries and generating responses based on their meaning. The primary focus of My Mutual Fund GPT is to address investors' queries regarding products and services offered by Aditya Birla Sun Life AMC Ltd. Furthermore, it assists investors in conducting research on top-performing funds, fund managers, and related topics, providing a comprehensive solution for their investment needs. A Balasubramanian, the Managing Director and CEO of Aditya Birla Sun Life AMC Ltd, emphasized the significance of leveraging advanced technology to offer a more intuitive and engaging experience for investors. In addition to serving as a query resolution tool, My Mutual Fund GPT also functions as an innovative conversational interface, enhancing accessibility and ease of interaction for investors.

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Posted On:
18-03-2024

Flipkart's valuation drops by $5 billion in 2 years.

Ecommerce giant Flipkart's valuation has seen a decline of $5 billion or around Rs 41,000 crore as of January 2024 compared to that in January 2022, according to changes in equity structure by its US-based parent company Walmart. Flipkart's valuation has seen a decline of $5 billion, roughly Rs 41,000 crore, as of January 2024 compared to January 2022, as per equity transactions by US parent firm Walmart. The ecommerce firm's valuation declined to $35 billion as of January 31, 2024, from $40 billion in the fiscal year ending January 31, 2022. This decline is attributed to the demerger of fintech firm Phone Pe into a separate entity. Despite this, current estimates place Flipkart's valuation between $38-40 billion. Walmart diluted 8% equity in Flipkart for $3.2 billion in FY2022, reflecting a valuation of $40 billion. In FY2024, Walmart increased its shareholding by 10% to approximately 85% by paying $3.5 billion, reflecting a valuation of $35 billion. Walmart, during fiscal year 2024, increased its Flipkart shareholding from roughly 75% to around 85%, having paid $3.5 billion.

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Posted On:
19-03-2024

Inox subsidiary bags Rs 40 cr order to restore wind turbine generators

Inox Green Energy Services on Tuesday said its subsidiary I-Fox Windtechnik India Pvt Ltd has bagged an order worth Rs 39.5 crore for restoration of 33 wind turbine generators (WTGs) of 1.5MW each from NLC India. The scope of the contract comprises supplies of materials/spares and other activities for the restoration of 33 WTGs within a period of eight months, with a revenue realisation of Rs 39.5 crore (inclusive of taxes) during the contract period, a company statement said. We are delighted to receive another order from NLC India after securing the contract for comprehensive O&M of 51MW WTGs for 5 years during the last year," SK Mathu Sudhana, CEO of IGESL said in the statement. This is another important landmark in the growth journey of IGESL as well as of our subsidiary I-Fox Wind, and the company is progressing well on its targets on all fronts, he added. IGESL is one of the major wind power operations and maintenance (O&M) service providers within India with a fleet size of 3.2 GW. The company is engaged in the business of providing long-term O&M services for wind projects. It is a subsidiary of Inox Wind Ltd with whom it enjoys a synergistic relationship and is a part of the INOXGFL Group.

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