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Posted On:
05-07-2024

LIC launches project 'Jeevan Samarth' to meet customers' evolving needs

The Life Insurance Corporation of India (LIC) on Thursday undertook an agency transformation project, 'Jeevan Samarth,' to meet the evolving needs of customers. The life insurance giant has partnered with A T Kearney to undertake the transformation project by reviewing the existing agency framework of LIC on an end-to-end basis. Speaking on this occasion, Siddhartha Mohanty, CEO and managing director, LIC, said, “Through the ‘Jeevan Samarth’ project, we aim to transform our agency ecosystem to align with the rapidly evolving needs of millions of Indian families and provide them with suitable long-term savings, protection, health insurance, ULIP, and pension solutions.”The transformation also entails revamping the agency operations at branch, division, and zonal levels, directed towards establishing global best practices in the wake of the fast-changing industry and regulatory landscape of the insurance sector in India. Mohanty added that the transformation exercise should result in giving agents more tools and additional skills, which will aid in strengthening the bond between the agents and customers.
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Posted On:
05-07-2024

Raymond to demerge real estate business, list realty vertical on exchanges

Textile major Raymond Ltd on Thursday said it will demerge the real estate business to unlock the value for shareholders and harness growth potential in the Indian property market. In a regulatory filing, the company informed that its board has approved the scheme of arrangement of Raymond Ltd (demerged company) and Raymond Realty Ltd (resulting company) and their respective shareholders.As per the scheme of arrangement, each Raymond Ltd shareholder will receive one share of Raymond Realty for every one share held in Raymond Ltd. The standalone operational revenue of the real estate division stood at Rs 1,592.65 crore in the last fiscal, accounting for 24 per cent of the total revenue of Raymond Ltd.This will be subject to the requisite approvals and sanction of the jurisdictional bench of the National Company Law Tribunal (NCLT) and subject to the approval of shareholders and/or creditors, central government, or such other competent authority as may be directed by the NCLT. Upon the scheme coming into effect on the effective date, on demerger, Raymond Realty would issue 6,65,73,731 equity shares of Raymond Realty Ltd having a face value of Rs 10 each to the equity shareholders of Raymond Ltd. The shares issued by Raymond Realty Ltd would be listed on BSE Ltd and the National Stock Exchange of India (NSE).
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Posted On:
06-07-2024

Hemant Lamba submits resignation as Infosys Executive Vice President

Infosys on Friday said Hemant Lamba, Executive Vice President and Global Head of Strategic Sales, has resigned from the company. The Bengaluru-headquartered IT services firm informed about the resignation of the Senior Management Personnel in a statutory filing. "This is to inform that Hemant Lamba, Senior Management Personnel, has resigned from the services of the company," Infosys said in a BSE filing. In his resignation letter marked to Infosys CEO Salil Parekh, Lamba wrote: "I am writing to inform you of my decision to resign from the services of Infosys. I am thankful for the opportunity and experiences I have had over the years".
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Posted On:
06-07-2024

Tata Steel shuts 1 of its 2 blast furnaces at Port Talbot in South Wales

Tata Steel closed down one of its two blast furnaces at Port Talbot in South Wales on Thursday, coinciding with the UK’s election day that saw a shift in government. The decommissioning of blast furnace number 5 follows a timeline that the company indicated earlier. The remaining heavy-end assets are slated to wind down in the latter half of 2024, with the closure of blast furnace number 4 expected by the end of September.Late Thursday, Tata Steel UK issued a statement confirming the cessation of operations at blast furnace number 5 at Port Talbot as part of its ongoing restructuring programme to curb daily losses exceeding £1 million. Blast furnace number 5 commenced operations in 1959.Tata Steel UK’s chief executive officer, Rajesh Nair, assured that the company is committed to minimising the impact on affected employees and the local community. “This includes the most favourable financial package of support it has ever offered and facilities for training and upskilling activities, alongside finance for small and medium-sized businesses through the UK Steel Enterprise regeneration and job creation scheme,” the firm said.
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Posted On:
06-07-2024

HDFC Bank mulling loan portfolio sale amid growth scrutiny: Report

HDFC Bank is considering the sale of some of its loan portfolio, according to people familiar with the matter, amid heightened regulatory scrutiny on the country’s lenders as their credit growth surges. India’s biggest private sector bank has approached public-sector lenders, non-banking financial companies as well as some insurance companies and asset managers about participating in the sale, said the people, who requested anonymity discussing private conversations. A measure of how much of a bank’s deposits are being lent out as loans — known as the credit-deposit ratio — has drawn scrutiny from the Reserve Bank of India as that gauge for the nation’s industry stands at a decade high. Selling some of its loan portfolio would go some ways to help HDFC bring that down following an increase in the wake of its 2023 merger with the bank’s parent HDFC. It may also aid its liquidity.The move is an unusual one for HDFC Bank, which is approaching the market with such a sale for the first time since the two firms combined, the people said. A spokesperson for Mumbai-based HDFC Bank didn’t reply to an email request for comment. Shares of the bank fell the most in a month on Friday after it reported flat sequential deposit performance in the quarter ended June.
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