General Affairs
PM Narendra Modi Pushes Grand Global Solar Alliance Before G20
G20: PM Modi, Others Hold Minute of Silence for Paris, Ankara victims
Nepal PM Wants India to Lift Undeclared Blockade
BRICS for Building Responsive, Inclusive, Collective Solutions: PM Narendra Modi
Army Veterans Hold Rally in Ambala Against One Rank One Pension 'Dilution'
Reserve Bank of India's defence of rupee depletes forex by $1.90 billion
Wockhardt Q2 net zooms 30-fold to Rs 108 crore
World's confidence in India growing, FDI up 40 per cent, says PM Narendra Modi
Coal India Q2 net jumps 16 per cent on higher sales
10 reasons you need to buy life insurance
PM Narendra Modi Pushes Grand Global Solar Alliance Before G20
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ANTALYA (TURKEY): India on Sunday nudged the G20 to ensure finances and technology worth $100 billion are made available for countries to pursue clean energy during their development, and pushed for its proposal for a grand alliance of solar-rich nations to make this key source of green power an integral part of people's lives.
"At G20, we can play an effective role in supporting the multilateral goals of increasing research and development to develop affordable renewable energy. We must also ensure finance and technology is available to meet the universal global aspiration for clean energy," Prime Minister Narendra Modi told the G20 Summit in Turkey's Antalya.
"We must meet the target of $100-billion goal per year by 2020," said the Prime Minister in this Mediterranean resort, ahead of the crucial meeting of the Conference of Parties (COP) in Paris from November 30 to December 11, under the aegis of the United Nations Framework Convention on Climate Change.
The Prime Minister, who arrived in Turkey late Saturday from London, said India itself has agreed to do its bit for a clean-green world. This, by committing an additional capacity of 175 GW of renewable energy by 2022, cutting subsidies on fossil fuels, taxing the use of coal, and setting up a National Clean Energy Fund of $3 billion to promote clean technologies.
He said such a firm commitment was also made in its own Intended Nationally Determined Contributions for the Paris talks, in which New Delhi has pledged to cut emission levels by 33-35 per cent over the next 15 years in an ambitious, fair and balanced commitment to protect the environment, married to the country's own agenda for sustainable development.
ANTALYA (TURKEY): India on Sunday nudged the G20 to ensure finances and technology worth $100 billion are made available for countries to pursue clean energy during their development, and pushed for its proposal for a grand alliance of solar-rich nations to make this key source of green power an integral part of people's lives."At G20, we can play an effective role in supporting the multilateral goals of increasing research and development to develop affordable renewable energy. We must also ensure finance and technology is available to meet the universal global aspiration for clean energy," Prime Minister Narendra Modi told the G20 Summit in Turkey's Antalya.
"We must meet the target of $100-billion goal per year by 2020," said the Prime Minister in this Mediterranean resort, ahead of the crucial meeting of the Conference of Parties (COP) in Paris from November 30 to December 11, under the aegis of the United Nations Framework Convention on Climate Change.
He said such a firm commitment was also made in its own Intended Nationally Determined Contributions for the Paris talks, in which New Delhi has pledged to cut emission levels by 33-35 per cent over the next 15 years in an ambitious, fair and balanced commitment to protect the environment, married to the country's own agenda for sustainable development.
G20: PM Modi, Others Hold Minute of Silence for Paris, Ankara victims
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ANTALYA: World leaders including Prime Minister Narendra Modi today stood observed one minute of silence in Antalya at the G20 Summit to pay tribute to the victims of terror attacks in Paris and Ankara.
Turkish President Recep Tayyip Erdoga requested one minute's silence at the start of the first Working Session of the Summit in memory of the terror attacks.
"Standing in solidarity. The G20 working session begins with a moment's silence for victims of Paris Attacks," External Affairs Ministry spokesperson Vikas Swarup tweeted while posting pictures of the participating world leaders.
The two-day Summit, which got underway today, was to discuss the issue of terror at a working dinner tomorrow, but the gruesome attacks in Paris on Friday night led to the issue coming to the centrestage from the very beginning.
At least 129 persons were killed in multiple attacks in the French capital, due to which France's President Francois Hollande had to cancel his plans to attend G20 Summit.
Besides, 102 people were killed in twin suicide bomb blasts in Turkish capital Ankara last month.
The G20 is a forum consisting of governments and central bank governors from 20 major economies which mainly discuss economic issues, but the issue of terrorism is high on the agenda at this year's meeting in this Turkish coastal resort town.
ANTALYA: World leaders including Prime Minister Narendra Modi today stood observed one minute of silence in Antalya at the G20 Summit to pay tribute to the victims of terror attacks in Paris and Ankara.Turkish President Recep Tayyip Erdoga requested one minute's silence at the start of the first Working Session of the Summit in memory of the terror attacks.
"Standing in solidarity. The G20 working session begins with a moment's silence for victims of Paris Attacks," External Affairs Ministry spokesperson Vikas Swarup tweeted while posting pictures of the participating world leaders.
The two-day Summit, which got underway today, was to discuss the issue of terror at a working dinner tomorrow, but the gruesome attacks in Paris on Friday night led to the issue coming to the centrestage from the very beginning.
At least 129 persons were killed in multiple attacks in the French capital, due to which France's President Francois Hollande had to cancel his plans to attend G20 Summit.
Besides, 102 people were killed in twin suicide bomb blasts in Turkish capital Ankara last month.
The G20 is a forum consisting of governments and central bank governors from 20 major economies which mainly discuss economic issues, but the issue of terrorism is high on the agenda at this year's meeting in this Turkish coastal resort town.
Nepal PM Wants India to Lift Undeclared Blockade
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KATHMANDU: Invoking the Panchsheel principles, Nepalese Prime Minister KP Sharma Oli today called on India to "immediately lift the undeclared blockade" imposed on Nepal that would help boost bilateral ties amid the recent political crisis over the country's new Constitution.
"Nepal wants to maintain relations with its neighbours on the basis of the principles of Panchsheel," Mr Oli said.
The Panchsheel doctrine is a set of principles to govern relations between states. Their first formal codification in treaty form was an agreement between China and India in 1954.
Mr Oli also asked neighbouring countries "to honour Nepal's territorial integrity, national sovereignty and independence".
Addressing the nation for the first time after assuming office last month, Mr Oli said Nepal's new Constitution was excellent in terms of process and content.
"The ongoing blockade is worse than the war-time situation," he said asking India to swiftly lift the blockade.
Hospitals have run out of medicines and blood bags for emergency and people are unable to cook food due to the shortage of cooking gas as a result of the transport blockade, he said.
India has firmly denied imposing the blockade, saying truck drivers are concerned for their safety after violent protests against Nepal's new Constitution in which over 40 people were killed.
Calling on the agitating Madhes-based parties to end their protests, Mr Oli assured that the Constitution would be amended and provincial borders redrawn on the basis of consensus among all to address the demands of the agitating parties.
The Constitution does not discriminate between people on the basis of caste, region or any other way, he said adding that the national charter was not discriminatory.
He said the unofficial blockade imposed by India has created a humanitarian crisis in Nepal obstructing supplies of life-saving medicines and fuel.
Construction of hydropower development projects will be expedited and use of electric vehicles will be established in the capital city in the near future to lessen foreign dependency on energy, he said.
Mr Oli said the government has now realised it was Nepal's weakness to depend only on India for supplies of essentials. Now the government would work to diversify trade and promote renewable alternative energies.
Last month, Nepal signed a memorandum of understanding with China to import fuel, ending India's four-decade supply monopoly.
KATHMANDU: Invoking the Panchsheel principles, Nepalese Prime Minister KP Sharma Oli today called on India to "immediately lift the undeclared blockade" imposed on Nepal that would help boost bilateral ties amid the recent political crisis over the country's new Constitution."Nepal wants to maintain relations with its neighbours on the basis of the principles of Panchsheel," Mr Oli said.
Mr Oli also asked neighbouring countries "to honour Nepal's territorial integrity, national sovereignty and independence".
Addressing the nation for the first time after assuming office last month, Mr Oli said Nepal's new Constitution was excellent in terms of process and content.
"The ongoing blockade is worse than the war-time situation," he said asking India to swiftly lift the blockade.
Hospitals have run out of medicines and blood bags for emergency and people are unable to cook food due to the shortage of cooking gas as a result of the transport blockade, he said.
India has firmly denied imposing the blockade, saying truck drivers are concerned for their safety after violent protests against Nepal's new Constitution in which over 40 people were killed.
Calling on the agitating Madhes-based parties to end their protests, Mr Oli assured that the Constitution would be amended and provincial borders redrawn on the basis of consensus among all to address the demands of the agitating parties.
The Constitution does not discriminate between people on the basis of caste, region or any other way, he said adding that the national charter was not discriminatory.
He said the unofficial blockade imposed by India has created a humanitarian crisis in Nepal obstructing supplies of life-saving medicines and fuel.
Construction of hydropower development projects will be expedited and use of electric vehicles will be established in the capital city in the near future to lessen foreign dependency on energy, he said.
Mr Oli said the government has now realised it was Nepal's weakness to depend only on India for supplies of essentials. Now the government would work to diversify trade and promote renewable alternative energies.
Last month, Nepal signed a memorandum of understanding with China to import fuel, ending India's four-decade supply monopoly.
BRICS for Building Responsive, Inclusive, Collective Solutions: PM Narendra Modi
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ANTALYA: Prime Minister Narendra Modi today termed the BRICS as 'Building Responsive, Inclusive and Collective Solutions', which will be the theme of the 5-nation group when India assumes its presidency next year.
"The theme of India's BRICS Chairmanship will be 'Building Responsive, Inclusive and Collective Solutions' which, in short, will be 'BRICS'. It aptly describes the ethos of our group," he said at the BRICS Summit on the sidelines of the two-day G20 Summit in Antalya.
A Goldman Sachs' economist had coined the BRIC acronym to represent world's four main emerging economic powers - Brazil, Russia, India and China. In 2011, another major emerging economy South Africa joined the group and 'BRIC' became 'BRICS'. India will take over chairmanship from Russia, which heads the group at present.
"There was a time when the logic of BRICS and its lasting capacity were being questioned. We have provided proof of the relevance and value of BRICS through our actions. And, this has come at a time of huge global challenges," Prime Minister Modi said.
India, he said attaches the highest importance to BRICS.
"We are honoured to assume the Chairmanship of BRICS from February 01, 2016 and build on the great work done by other Members," Prime Minister Modi added.
BRICS partner, China, will take over the Presidency of G20 in December 2015.
"We assure China of full support during its Presidency," Prime Minister Modi added.
In 2013, BRICS accounted for about 27 per cent of the global GDP (in terms of the purchasing power parity of their national currencies).
BRICS accounts for 42 per cent of the entire global population, and cover 26 per cent of the planet's land.
ANTALYA: Prime Minister Narendra Modi today termed the BRICS as 'Building Responsive, Inclusive and Collective Solutions', which will be the theme of the 5-nation group when India assumes its presidency next year."The theme of India's BRICS Chairmanship will be 'Building Responsive, Inclusive and Collective Solutions' which, in short, will be 'BRICS'. It aptly describes the ethos of our group," he said at the BRICS Summit on the sidelines of the two-day G20 Summit in Antalya.
A Goldman Sachs' economist had coined the BRIC acronym to represent world's four main emerging economic powers - Brazil, Russia, India and China. In 2011, another major emerging economy South Africa joined the group and 'BRIC' became 'BRICS'. India will take over chairmanship from Russia, which heads the group at present.
India, he said attaches the highest importance to BRICS.
"We are honoured to assume the Chairmanship of BRICS from February 01, 2016 and build on the great work done by other Members," Prime Minister Modi added.
BRICS partner, China, will take over the Presidency of G20 in December 2015.
"We assure China of full support during its Presidency," Prime Minister Modi added.
In 2013, BRICS accounted for about 27 per cent of the global GDP (in terms of the purchasing power parity of their national currencies).
BRICS accounts for 42 per cent of the entire global population, and cover 26 per cent of the planet's land.
Army Veterans Hold Rally in Ambala Against One Rank One Pension 'Dilution'
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AMBALA: Scores of military veterans from Haryana, Punjab and Delhi today held a protest against the "diluted" notification of 'One Rank, One Pension' (OROP) scheme and vowed to go to "any extent" to pressurise the Central government to meet their demand.
A number of retired Army officers were also present in the rally. Ex-servicemen from Haryana, Delhi, Punjab and nearby states joined the rally.
Addressing the rally, Major General Satbir Singh (retd), Chairman of Indian Ex-Servicemen Movement spearheading the protest, alleged that the Union government "has betrayed the ex-servicemen".
He said that notification issued by the government was not acceptable to any ex-servicemen.
Mr Satbir Singh demanded that the notification should be withdrawn at the earliest and a new notification should be released according to the demands of ex-servicemen.
Subedar Attar Singh Multani, president of Ex-servicemen Association (Ambala), said that "if our demands are not fulfilled the ex-servicemen can go to any extent to pressurize the union government."
Mr Multani said that ex-servicemen could paralyze the rail traffic in the country if the government did not accept their demands.
On November 7, the Centre had notified OROP scheme for over 24 lakh ex-servicemen and six lakh war widows in the country.
The notification said that in future, the pension would be re-fixed every 5 years. However, ex-servicemen had been demanding revision of pension every two years, if not one.
It has also dropped the contentious proposal to exclude ex-servicemen who sought premature retirement from the ambit of OROP. But the armed forces personnel who opt to get discharged on their request would henceforth not get OROP benefits, as per the notification.
AMBALA: Scores of military veterans from Haryana, Punjab and Delhi today held a protest against the "diluted" notification of 'One Rank, One Pension' (OROP) scheme and vowed to go to "any extent" to pressurise the Central government to meet their demand.A number of retired Army officers were also present in the rally. Ex-servicemen from Haryana, Delhi, Punjab and nearby states joined the rally.
Addressing the rally, Major General Satbir Singh (retd), Chairman of Indian Ex-Servicemen Movement spearheading the protest, alleged that the Union government "has betrayed the ex-servicemen".
He said that notification issued by the government was not acceptable to any ex-servicemen.
Mr Satbir Singh demanded that the notification should be withdrawn at the earliest and a new notification should be released according to the demands of ex-servicemen.
Subedar Attar Singh Multani, president of Ex-servicemen Association (Ambala), said that "if our demands are not fulfilled the ex-servicemen can go to any extent to pressurize the union government."
Mr Multani said that ex-servicemen could paralyze the rail traffic in the country if the government did not accept their demands.
On November 7, the Centre had notified OROP scheme for over 24 lakh ex-servicemen and six lakh war widows in the country.
The notification said that in future, the pension would be re-fixed every 5 years. However, ex-servicemen had been demanding revision of pension every two years, if not one.
It has also dropped the contentious proposal to exclude ex-servicemen who sought premature retirement from the ambit of OROP. But the armed forces personnel who opt to get discharged on their request would henceforth not get OROP benefits, as per the notification.
Business Affairs
Reserve Bank of India's defence of rupee depletes forex by $1.90 billion
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The central bank's attempts to arrest the fall in the rupee's value due to domestic political uncertainty and a strengthening US dollar drained $1.90 billion from India's foreign exchange (Forex) kitty, experts said on Saturday.
Overall, the Forex reserves stood at $351.73 billion for the week ended November 6.
"The plunge in the reserves can be attributed to the attempt's by the Reserve Bank of India (RBI) to stem the fall in rupee value and maintain the currency in its comfort zone," Anindya Banerjee, associate vice president for currency derivatives with Kotak Securities, told IANS.
"The need for the defending the rupee, arose due to strengthening of US dollar on the account of heightened chances of a US Fed sponsored rate hike. This had flared up volatility in rupee value."
According to Banerjee, the RBI is comfortable with the rupee ranging anywhere between 65-67 to a US dollar mark. Anything beyond or below the limits provokes the central bank to intervene by either buying or selling the greenback.
India's Forex kitty had appreciated by $2.09 billion to $353.63 billion for the week ended October 30.
The rupee had been on a downward trajectory during the week under review.
On a weekly basis, the rupee had weakened by 49 paise to 65.76 to a US dollar (November 6) from its previous close of 65.27 to a greenback (October 30).
The rupee was dented due to heavy outflows of foreign funds during the week ended November 6.
The foreign fund outflow was aggravated by investors' anxiety over the Bihar poll outcome and heightened chances of a US rate hike.
The National Securities Depository Limited (NSDL) data showed that the FPIs (Foreign Portfolio Investors) sold Rs.2,455.83 crore or $376.63 million in equity and debt markets for the week ended November 6.
Stock exchanges figures showed that the FPIs sold stocks worth Rs.1,462.05 crore in the period under review.
In addition the weekly statistical supplement revealed that the foreign currency assets (FCAs) plunged by $2.40 billion to $327.73 billion in the week under review.
"Another reason for the depletion in the reserves was the strengthening of US dollar by around 2 per cent against Pound, Yen and Euro. The Euro had major falls during the week under review," Banerjee added.
The FCA constitutes the largest component of India's Forex reserves. It consists of US dollars, major non-dollar currencies, securities and bonds bought abroad.
The Indian reserves consists of nearly 20-25 per cent of the non-dollar currencies. The individual movements of these currencies against the dollar impacts the overall reserve value.
"The FCA expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve," the RBI was quoted in its statistical supplement.
Notwithstanding the general slide in the reserve value, the country's gold reserves rose by $540 million to $18.69 billion during the week under review.
The country's gold reserves had remained stagnant since week ended October 2. The gold reserve had risen by $116.5 million to $18.15 billion during the week ended October 2.
However, the special drawing rights (SDRs) in the week under review were lower by $27.5 million at $4.00 billion.
Furthermore, the country's reserve position with theInternational Monetary Fund (IMF) slipped by $8.9 million to $1.29 billion.
The central bank's attempts to arrest the fall in the rupee's value due to domestic political uncertainty and a strengthening US dollar drained $1.90 billion from India's foreign exchange (Forex) kitty, experts said on Saturday.
Overall, the Forex reserves stood at $351.73 billion for the week ended November 6.
"The plunge in the reserves can be attributed to the attempt's by the Reserve Bank of India (RBI) to stem the fall in rupee value and maintain the currency in its comfort zone," Anindya Banerjee, associate vice president for currency derivatives with Kotak Securities, told IANS.
"The need for the defending the rupee, arose due to strengthening of US dollar on the account of heightened chances of a US Fed sponsored rate hike. This had flared up volatility in rupee value."
According to Banerjee, the RBI is comfortable with the rupee ranging anywhere between 65-67 to a US dollar mark. Anything beyond or below the limits provokes the central bank to intervene by either buying or selling the greenback.
India's Forex kitty had appreciated by $2.09 billion to $353.63 billion for the week ended October 30.
The rupee had been on a downward trajectory during the week under review.
On a weekly basis, the rupee had weakened by 49 paise to 65.76 to a US dollar (November 6) from its previous close of 65.27 to a greenback (October 30).
The rupee was dented due to heavy outflows of foreign funds during the week ended November 6.
The foreign fund outflow was aggravated by investors' anxiety over the Bihar poll outcome and heightened chances of a US rate hike.
The National Securities Depository Limited (NSDL) data showed that the FPIs (Foreign Portfolio Investors) sold Rs.2,455.83 crore or $376.63 million in equity and debt markets for the week ended November 6.
Stock exchanges figures showed that the FPIs sold stocks worth Rs.1,462.05 crore in the period under review.
In addition the weekly statistical supplement revealed that the foreign currency assets (FCAs) plunged by $2.40 billion to $327.73 billion in the week under review.
"Another reason for the depletion in the reserves was the strengthening of US dollar by around 2 per cent against Pound, Yen and Euro. The Euro had major falls during the week under review," Banerjee added.
The FCA constitutes the largest component of India's Forex reserves. It consists of US dollars, major non-dollar currencies, securities and bonds bought abroad.
The Indian reserves consists of nearly 20-25 per cent of the non-dollar currencies. The individual movements of these currencies against the dollar impacts the overall reserve value.
"The FCA expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve," the RBI was quoted in its statistical supplement.
Notwithstanding the general slide in the reserve value, the country's gold reserves rose by $540 million to $18.69 billion during the week under review.
The country's gold reserves had remained stagnant since week ended October 2. The gold reserve had risen by $116.5 million to $18.15 billion during the week ended October 2.
However, the special drawing rights (SDRs) in the week under review were lower by $27.5 million at $4.00 billion.
Furthermore, the country's reserve position with theInternational Monetary Fund (IMF) slipped by $8.9 million to $1.29 billion.
Wockhardt Q2 net zooms 30-fold to Rs 108 crore
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Wockhardt posted Rs 108 crore net profit for second quarter of this fiscal as against a mere Rs 3.6 crore in like period a year ago, registering a whopping 2,900 per cent or 30-fold growth annually.
In a regulatory filing to the Bombay Stock Exchange (BSE), the city-based pharma and biotech major said income from operations, including sales increased 20 per cent to Rs.1,232 crore in the quarter under review (Q2) from Rs.1,029 crore in same period a year ago.
Operating profit also increased 30 per cent to Rs 166 crore from Rs 128 crore year ago, mainly on robust sales and lower tax expense.
"Our business in Britain grew strongly by 88 per cent and India business by 22 per cent, with new product launches and focused sales strategies," Wockhardt said in a statement.
The US business, however, remained flat with only two per cent growth.
The company filed 147 patents in the quarter, taking its total to 2,469.
Wockhardt posted Rs 108 crore net profit for second quarter of this fiscal as against a mere Rs 3.6 crore in like period a year ago, registering a whopping 2,900 per cent or 30-fold growth annually.
In a regulatory filing to the Bombay Stock Exchange (BSE), the city-based pharma and biotech major said income from operations, including sales increased 20 per cent to Rs.1,232 crore in the quarter under review (Q2) from Rs.1,029 crore in same period a year ago.
Operating profit also increased 30 per cent to Rs 166 crore from Rs 128 crore year ago, mainly on robust sales and lower tax expense.
"Our business in Britain grew strongly by 88 per cent and India business by 22 per cent, with new product launches and focused sales strategies," Wockhardt said in a statement.
The US business, however, remained flat with only two per cent growth.
The company filed 147 patents in the quarter, taking its total to 2,469.
World's confidence in India growing, FDI up 40 per cent, says PM Narendra Modi
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Prime Minister Narendra Modi on Friday said that the fact that the world's confidence in India is increasing is proved by the fact that foreign direct investment into India has increased by 40 per cent.
"FDI into India has increased by 40 per cent. It shows the increasing international confidence in India," Modi said in Hindi in his much-awaited address to 60,000 wildly cheering British Indians at the iconic Wembley Stadium here.
"Two dreams that we are working towards - a clean India and India with 24/7 electricity," he said.
Earlier, British Prime Minister David Cameron and his wife Samantha, dressed in a sari, welcomed PM Modi as he arrived at Wembley Stadium.
After PM Modi met with organisers of the much-hyped event, the two leaders interacted with a group of schoolchildren of Indian origin who had performed in the cultural extravaganza that preceded PM Modi's speech.
Britain is home to a 1.5 million-strong Indian diaspora.
Prime Minister Narendra Modi on Friday said that the fact that the world's confidence in India is increasing is proved by the fact that foreign direct investment into India has increased by 40 per cent.
"FDI into India has increased by 40 per cent. It shows the increasing international confidence in India," Modi said in Hindi in his much-awaited address to 60,000 wildly cheering British Indians at the iconic Wembley Stadium here.
"Two dreams that we are working towards - a clean India and India with 24/7 electricity," he said.
Earlier, British Prime Minister David Cameron and his wife Samantha, dressed in a sari, welcomed PM Modi as he arrived at Wembley Stadium.
After PM Modi met with organisers of the much-hyped event, the two leaders interacted with a group of schoolchildren of Indian origin who had performed in the cultural extravaganza that preceded PM Modi's speech.
Britain is home to a 1.5 million-strong Indian diaspora.
Coal India Q2 net jumps 16 per cent on higher sales
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State miner Coal India Ltd (CIL) on Friday said it posted a 16 per cent rise in consolidated net profit at Rs.2,543.80 crore for the second quarter ended September, compared to Rs.2,192.38 crore in the same quarter of the previous fiscal, on the back of higher sales.
"The profit after tax (PAT) for the second quarter ended September 30, 2015 stood at Rs.2,543.80 crore as against Rs.2,192.38 crore for the same period last year registering a growth of around 16 per cent (YoY basis)," CIL said in a stock exchange filing.
Consolidated net sales were at Rs.16,957.59 crore during the quarter, which was an increase of 8 per cent over the Rs.15,677.98 crore sales in the corresponding quarter of the last fiscal.
"The increase in earnings is largely due to the higher production and offtake during the current period compared to the corresponding period in the previous year," Coal India said.
Coal production during the second quarter of the current fiscal was 108.20 million tonnes (MT) as against 102.42 MT for the second quarter of the previous year.
"The offtake for the second quarter of 2015-16 was 121.99 MT (251.38 MT up to 30.09.2015) compared to 110.49 MT in second quarter of 2014-15 (230.09 MT up to 30.09.2014)," the statement said.
Coal India stock closed at Rs 337.65 a share, 2.60 per cent higher than its previous close on the BSE on Friday.
State miner Coal India Ltd (CIL) on Friday said it posted a 16 per cent rise in consolidated net profit at Rs.2,543.80 crore for the second quarter ended September, compared to Rs.2,192.38 crore in the same quarter of the previous fiscal, on the back of higher sales.
"The profit after tax (PAT) for the second quarter ended September 30, 2015 stood at Rs.2,543.80 crore as against Rs.2,192.38 crore for the same period last year registering a growth of around 16 per cent (YoY basis)," CIL said in a stock exchange filing.
Consolidated net sales were at Rs.16,957.59 crore during the quarter, which was an increase of 8 per cent over the Rs.15,677.98 crore sales in the corresponding quarter of the last fiscal.
"The increase in earnings is largely due to the higher production and offtake during the current period compared to the corresponding period in the previous year," Coal India said.
Coal production during the second quarter of the current fiscal was 108.20 million tonnes (MT) as against 102.42 MT for the second quarter of the previous year.
"The offtake for the second quarter of 2015-16 was 121.99 MT (251.38 MT up to 30.09.2015) compared to 110.49 MT in second quarter of 2014-15 (230.09 MT up to 30.09.2014)," the statement said.
Coal India stock closed at Rs 337.65 a share, 2.60 per cent higher than its previous close on the BSE on Friday.
10 reasons you need to buy life insurance
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Buying life insurance is one of the most important financial decisions, but believe it or not, only 10 per cent of Indians are insured. But why is it so important? Well, regardless of how much you earn, no one knows what the future holds. Lots of people die a prematurely every year from illness or accident and, if you happen to be the sole breadwinner in the family and you were to pass away, it could have devastating consequences for your loved ones-their ability to pay household expenses, debts and maintain their standard of living.
The least you can do, therefore, is to secure your family's financial future by buying a life insurance policy. Besides, do not overlook benefits of a life insurance during your lifetime, especially if you are young. We list 10 compelling reasons for buying a life insurance policy.
1. LOOKING AFTER YOUR LOVED ONES EVEN AFTER YOU'RE GONE: This is the most important aspect of life insurance that one needs to factor in. Your family is dependent on you even after you're gone and you certainly don't want to let them down. Whether it's for replacing lost income, paying for your child's education or making sure your spouse get the much-needed financial security, life insurance could save the day for your surviving dependents.
2. DEALING WITH DEBT: You don't want your family to deal with financial liabilities during a crisis. Any outstanding debt-a home loan, auto loan, personal loan, or a loan on credit cards-will be taken care of if you happen to buy the right life insurance policy.
3. HELPS ACHIEVE LONG-TERM GOALS: Since it is an instrument that keeps you invested for the long term, it would help you achieve your long-term goals such as buying a home or planning your retirement. It also provides you with diverse investment options that come along with different types of policies.
Some policies are tied to certain investment products that pay dividends based on their performance. If you are opting for an investment-linked policy, be sure to read the fine print to be fully aware of the potential risks and returns.
4. LIFE INSURANCE SUPPLEMENTS YOUR RETIREMENT GOALS: Who wouldn't like their retirement savings to last until they do? With a life insurance plan, you can ensure you have a regular stream of income every month. Putting money in an annuity is like a pension plan- put in some money regularly in a life insurance product and enjoy a steady income every month even after retirement.
5. BUYING INSURANCE IS CHEAPER WHEN YOU'RE YOUNGER: Not every millennial needs a life insurance policy. If you haven't created an emergency fund or you're still living off your parents' money, insurance shouldn't be a priority.
However, if you do have dependents or you have co-signed a loan with your parents (or any other member of your family or friend), whether it be a student loan or a home loan, you need to start considering buying a life insurance policy. Besides, coverage costs are much lower when you're single. Insurance agents may try to sell you a policy that you might not need.
Therefore, do your due diligence or approach a financial planner to determine how much insurance you need considering the other assets you may own. Even if you're single, there may be other dependents and you need to ensure they're taken care of. Pradeep Pandey, chief marketing officer, Future Generali Life Insurance, says, "The earlier the better. For instance, single people provide financial support for ageing parents or a sibling with special needs. Insurability is another reason to consider life insurance when you're single. If you're young, healthy and have a good family health history, your insurability is at its peak, and you can get the best rates on your life insurance policy."
6. YOUR BUSINESS IS ALSO TAKEN CARE OF: Life insurance isn't only for yourself and your family. Some insurance policies also take care of your business. If you own a business, then your business partner can purchase your portion of the business without hassle. Your business partner( s) will enter a buy-sell agreement and the payout would go to the deceased partner's nominees, but without giving them a stake in the company. There are two types of life insurance policies-a term insurance policy and a life insurance policy.
While we are all aware of the death benefits these insurance policies provide, we know little about the various options they lay out that could help strengthen your financial position.
A term insurance provides protection for a specified period of time (10, 20 or 30 years) and pays out the benefits only if you die during the term. The policy will expire and coverage will end if you outlive your policy. An investment-cum-protection plan on the other hand offers you a lump sum amount on the completion of the term of the policy. These plans also offer you protection but the cover is usually not as high as offered with term plans.
7. TAX-SAVING PURPOSES: You could save taxes with insurance policies irrespective of what plan you buy. The premium you pay on an insurance policy is eligible for a maximum tax benefit of Rs 1.5 lakh under Section 80C, and for tax-free proceeds on death/maturity under Section 10 (D) of the Income Tax Act, 1961.
8. A TOOL FOR FORCED SAVINGS: If you choose a traditional or unit-liked policy, you pay a premium each month, which is higher than what it costs to insure you. This bit of extra money is invested and it accrues cash value. This cash can then be borrowed against the policy or you can choose to sell it or draw income from it.
9. YOU MAY NOT BE QUALIFIED FOR IT LATER: Life insurance policies run on uncertainties. You may be healthy now and paying a premium for life insurance may seem to be an added financial burden, but if you suddenly fall ill, you may not be allowed to but a life insurance policy. Therefore, it is imperative to buy one early on in your life because it remains in force if your health deteriorates later on. Insurance companies allow you to attach certain riders or benefits to your existing or new policy.
These riders enhance the quality of your insurance. The accelerated death benefit rider, for instance, allows the policy owner to avail all or a part of the policy's death benefit if he or she has less time to live due to a critical illness, or wants to use the money for medical treatment or related expenses.
10. PEACE OF MIND: Death is unavoidable. In the face of tragedy, the least you can do for your family is to secure their financial future. Even if it is a small policy, you know that you've done all you can to help them tide over difficult times.
Pandey says, "Life insurance is a great tool for both protection as well as helping a consumer save in a disciplined manner, which leads to creation of a good corpus. The need for life insurance changes at different stages of your lifecycle depending on the financial obligations and dependencies."
Buying life insurance is one of the most important financial decisions, but believe it or not, only 10 per cent of Indians are insured. But why is it so important? Well, regardless of how much you earn, no one knows what the future holds. Lots of people die a prematurely every year from illness or accident and, if you happen to be the sole breadwinner in the family and you were to pass away, it could have devastating consequences for your loved ones-their ability to pay household expenses, debts and maintain their standard of living.
The least you can do, therefore, is to secure your family's financial future by buying a life insurance policy. Besides, do not overlook benefits of a life insurance during your lifetime, especially if you are young. We list 10 compelling reasons for buying a life insurance policy.
1. LOOKING AFTER YOUR LOVED ONES EVEN AFTER YOU'RE GONE: This is the most important aspect of life insurance that one needs to factor in. Your family is dependent on you even after you're gone and you certainly don't want to let them down. Whether it's for replacing lost income, paying for your child's education or making sure your spouse get the much-needed financial security, life insurance could save the day for your surviving dependents.
2. DEALING WITH DEBT: You don't want your family to deal with financial liabilities during a crisis. Any outstanding debt-a home loan, auto loan, personal loan, or a loan on credit cards-will be taken care of if you happen to buy the right life insurance policy.
3. HELPS ACHIEVE LONG-TERM GOALS: Since it is an instrument that keeps you invested for the long term, it would help you achieve your long-term goals such as buying a home or planning your retirement. It also provides you with diverse investment options that come along with different types of policies.
Some policies are tied to certain investment products that pay dividends based on their performance. If you are opting for an investment-linked policy, be sure to read the fine print to be fully aware of the potential risks and returns.
4. LIFE INSURANCE SUPPLEMENTS YOUR RETIREMENT GOALS: Who wouldn't like their retirement savings to last until they do? With a life insurance plan, you can ensure you have a regular stream of income every month. Putting money in an annuity is like a pension plan- put in some money regularly in a life insurance product and enjoy a steady income every month even after retirement.
5. BUYING INSURANCE IS CHEAPER WHEN YOU'RE YOUNGER: Not every millennial needs a life insurance policy. If you haven't created an emergency fund or you're still living off your parents' money, insurance shouldn't be a priority.
However, if you do have dependents or you have co-signed a loan with your parents (or any other member of your family or friend), whether it be a student loan or a home loan, you need to start considering buying a life insurance policy. Besides, coverage costs are much lower when you're single. Insurance agents may try to sell you a policy that you might not need.
Therefore, do your due diligence or approach a financial planner to determine how much insurance you need considering the other assets you may own. Even if you're single, there may be other dependents and you need to ensure they're taken care of. Pradeep Pandey, chief marketing officer, Future Generali Life Insurance, says, "The earlier the better. For instance, single people provide financial support for ageing parents or a sibling with special needs. Insurability is another reason to consider life insurance when you're single. If you're young, healthy and have a good family health history, your insurability is at its peak, and you can get the best rates on your life insurance policy."
6. YOUR BUSINESS IS ALSO TAKEN CARE OF: Life insurance isn't only for yourself and your family. Some insurance policies also take care of your business. If you own a business, then your business partner can purchase your portion of the business without hassle. Your business partner( s) will enter a buy-sell agreement and the payout would go to the deceased partner's nominees, but without giving them a stake in the company. There are two types of life insurance policies-a term insurance policy and a life insurance policy.
While we are all aware of the death benefits these insurance policies provide, we know little about the various options they lay out that could help strengthen your financial position.
A term insurance provides protection for a specified period of time (10, 20 or 30 years) and pays out the benefits only if you die during the term. The policy will expire and coverage will end if you outlive your policy. An investment-cum-protection plan on the other hand offers you a lump sum amount on the completion of the term of the policy. These plans also offer you protection but the cover is usually not as high as offered with term plans.
7. TAX-SAVING PURPOSES: You could save taxes with insurance policies irrespective of what plan you buy. The premium you pay on an insurance policy is eligible for a maximum tax benefit of Rs 1.5 lakh under Section 80C, and for tax-free proceeds on death/maturity under Section 10 (D) of the Income Tax Act, 1961.
8. A TOOL FOR FORCED SAVINGS: If you choose a traditional or unit-liked policy, you pay a premium each month, which is higher than what it costs to insure you. This bit of extra money is invested and it accrues cash value. This cash can then be borrowed against the policy or you can choose to sell it or draw income from it.
9. YOU MAY NOT BE QUALIFIED FOR IT LATER: Life insurance policies run on uncertainties. You may be healthy now and paying a premium for life insurance may seem to be an added financial burden, but if you suddenly fall ill, you may not be allowed to but a life insurance policy. Therefore, it is imperative to buy one early on in your life because it remains in force if your health deteriorates later on. Insurance companies allow you to attach certain riders or benefits to your existing or new policy.
These riders enhance the quality of your insurance. The accelerated death benefit rider, for instance, allows the policy owner to avail all or a part of the policy's death benefit if he or she has less time to live due to a critical illness, or wants to use the money for medical treatment or related expenses.
10. PEACE OF MIND: Death is unavoidable. In the face of tragedy, the least you can do for your family is to secure their financial future. Even if it is a small policy, you know that you've done all you can to help them tide over difficult times.
Pandey says, "Life insurance is a great tool for both protection as well as helping a consumer save in a disciplined manner, which leads to creation of a good corpus. The need for life insurance changes at different stages of your lifecycle depending on the financial obligations and dependencies."
General Awareness
3 Indian CEO’s named among world’s top 50 business leaders by Fortune
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Fortune magazine has released the list of top 50 global business leaders which is marked with the names of three Indian-origin CEOs viz MasterCard’s Ajay Banga, Microsoft’s Satya Nadella and Cognizant’s Francisco D’Souza.
- The list has been topped by Nike’s Mark Parker.
Here is the list of to 10 Business leaders:
Top 10 Business Leaders
Rank Name Company 1 Mark Parker Nike 2 Mark Zuckerberg Facebook 3 Andrew Wilson Electronic Arts 4 Tim Cook Apple 5 Ajay Banga Mastercard 6 Mary Dillon Ulta Beauty 7 Lei Jun Xiaomi 8 Travis Kalanick Uber 9 Steve Ells & Montgomery Moran Chipotle 10 George Scangos Biogen
Cognizant’s chief Francisco D’Souza has been ranked 16th position
Software giant Microsoft’s Satya Nadella positioned at the 47th spot.
- All Business Leaders in above list are Chief Executive Officers (CEO).
About Ajay Banga as per Fortune
Under Banga, MasterCard has doubled profits and revenue in 5 years and he has been aggressively acquiring companies to build its technological edge.
- Banga signed a 10-year deal that locks in almost all Citi cards and a similar 20-year deal with Itau Unibanco in Brazil.
- Revenue – US$ 9.473 billion (2014)
About Francisco D’Souza as per Fortune
Mr. D’Souza is the company’s youthful (47) and dynamic chief. He is a son of Indian diplomat, joined Cognizant in 1994 and has been CEO since 2007.
- D’Souza has kept Cognizant not only with digital services, analytics and cloud services but expanding its health care segment with organic revenue growth.
- Revenue – US$ 10.26 billion (2014)
About Satya Nadella as per Fortune
Nadella is betting big on Project HoloLens, an augmented headset that layers the virtual and digital worlds on top of what your eyes see of the real world.
- Microsoft’s Surface tablet/PC passed $1 billion in annual sales.
- Revenue – US$ 93.58 billion (2015)
- Fortune magazine has released the list of top 50 global business leaders which is marked with the names of three Indian-origin CEOs viz MasterCard’s Ajay Banga, Microsoft’s Satya Nadella and Cognizant’s Francisco D’Souza.
- The list has been topped by Nike’s Mark Parker.
Here is the list of to 10 Business leaders:Top 10 Business LeadersRank Name Company 1 Mark Parker Nike 2 Mark Zuckerberg Facebook 3 Andrew Wilson Electronic Arts 4 Tim Cook Apple 5 Ajay Banga Mastercard 6 Mary Dillon Ulta Beauty 7 Lei Jun Xiaomi 8 Travis Kalanick Uber 9 Steve Ells & Montgomery Moran Chipotle 10 George Scangos Biogen Cognizant’s chief Francisco D’Souza has been ranked 16th position
Software giant Microsoft’s Satya Nadella positioned at the 47th spot.- All Business Leaders in above list are Chief Executive Officers (CEO).
About Ajay Banga as per Fortune
Under Banga, MasterCard has doubled profits and revenue in 5 years and he has been aggressively acquiring companies to build its technological edge.- Banga signed a 10-year deal that locks in almost all Citi cards and a similar 20-year deal with Itau Unibanco in Brazil.
- Revenue – US$ 9.473 billion (2014)
About Francisco D’Souza as per Fortune
Mr. D’Souza is the company’s youthful (47) and dynamic chief. He is a son of Indian diplomat, joined Cognizant in 1994 and has been CEO since 2007.- D’Souza has kept Cognizant not only with digital services, analytics and cloud services but expanding its health care segment with organic revenue growth.
- Revenue – US$ 10.26 billion (2014)
About Satya Nadella as per Fortune
Nadella is betting big on Project HoloLens, an augmented headset that layers the virtual and digital worlds on top of what your eyes see of the real world.- Microsoft’s Surface tablet/PC passed $1 billion in annual sales.
- Revenue – US$ 93.58 billion (2015)
- The list has been topped by Nike’s Mark Parker.
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