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  • Sensex snaps 3-day losing streak on rebound in FMCG and Pvt Bank shares

    Sensex snaps 3-day losing streak on rebound in FMCG and Pvt Bank shares

    IANS

    Indian equity indices closed higher on Monday, snapping its three-day losing streak following a rally in FMCG and private bank stocks.

    At closing, the Sensex was up 375 points or 0.46 per cent at 81,559 and the Nifty was up 84 points or 0.34 per cent at 24,936.

    The market was led by private banking stocks. Nifty Bank closed at 51,117, up 540 points or 1.07 per cent.

    In the Sensex pack, HUL, ICICI, ITC, Kotak Mahindra Bank, IndusInd Bank, Axis Bank, HDFC Bank, Nestle and UltraTech Cement were the top gainers. Tech Mahindra, Tata Steel, NTPC, Wipro, Tata Motors, Titan, Power Grid, HCL Tech, Sun Pharma and JSW Steel were the top losers.

    Market

    IANS

    Selling was seen in the midcap and smallcap stocks. The Nifty Midcap 100 index was down 154 points, or 0.26 per cent at 58,347 and the Nifty Smallcap 100 index was down 178 points or 0.93 per cent at 19,097.

    Among the sectoral indices, FMCG, Fin services and private banks were major gainers. IT, Auto, metal, PSE and energy were major laggards.

    Market experts said, “Despite a negative opening amidst weak global cues, the domestic market exhibited some recovery from last week’s steep fall. The market is currently attempting to gain stability between potential rate cuts and recession fears in the US. The current trend in the US job data suggests that the anticipated 25 bps rate cut may not be sufficient.”

    “Moreover, the upcoming data on US inflation and jobless claims will be decisive in assessing the market trend,” they added.

     Indian markets opened in the red. At 9:32 a.m., Sensex was down 215 points or 0.27 per cent at 80,968 and Nifty was down 78 points or 0.32 per cent at 24,773.

    (With inputs from IANS)

     

  • LIC Saral Pension Plan For Fixed Monthly Pension, Know All About This Plan

    New Delhi: After the Central Government’s Unified Pension Scheme (UPS) came into force, private employees are also thinking about pension options. However, they have many options including NPS from where they can get monthly pension after retirement.

    Among these, LIC also has a scheme which gives monthly pension after retirement on lump sum investment. The name of this scheme is LIC Saral Pension Yojana. It is a non-linked, single premium plan. This scheme provides people with a safe and comfortable retirement.

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    Who can avail the benefit of this scheme?

    This is a pension scheme. Anyone between the age of 40 and 80 can avail the benefits of this scheme. You can avail this scheme alone or with a partner (husband or wife). You can avail the benefits of this scheme even after retirement.

    How much premium has to be paid?

    There is no monthly or yearly premium in this. A lump sum investment has to be made in this scheme. That is, the premium has to be paid only once. After this, pension starts every month which is received throughout life. The pension amount does not increase. In this scheme, the pension amount that starts with is the same throughout life. The policy can be surrendered any time after six months of starting the policy.

    Also Read: Delhi govt imposed ban on firecrackers, online sale and delivery also banned

    How much pension do you get?

    There is no limit on the maximum pension in this scheme. The more amount you invest, the higher the pension you will get. For pension, annuity has to be purchased in this scheme. Suppose your age is 42 years and you are buying annuity of Rs 30 lakh, then you will get a pension of Rs 12,388 per month. If you want to get more pension, then you will have to invest more amount accordingly.

    These are the facilities of this scheme

    • You can also take a loan under this scheme. You can apply for a loan six months after the plan starts. The loan amount will not exceed 50% of the annual annuity.
    • If the policy holder falls ill and needs money for treatment, the policy can be surrendered. On surrendering the policy, the customer gets back 95% of the base price.
    • If the policy holder dies then the nominee gets the base premium back.
    • You can buy this scheme online or offline. You can apply for this scheme by visiting the official website of LIC.

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    Next articleAttention FD holders! This bank has started a new amazing scheme, know the changed interest rates too
    Jyoti

    Jyoti , has 2 years of experience in writing Finance Content, Entertainment news, Cricket and more. She has done BA in English. She loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @rightsofemployeescom@gmail.com

  • Centre signs Rs 26,000 cr contract with HAL for 240 aero engines

    Hindustan Aeronautics Limited (HAL) for 240 aero engines (AL-31FP) for Su-30 MKI aircraft defence

    IANS

    In a boost for local defence manufacturing, the Centre on Monday signed a Rs 26,000 crore contract with the Hindustan Aeronautics Limited (HAL) for 240 aero engines (AL-31FP) for Su-30 MKI aircraft.

    According to the Ministry of Defence (MoD), these aero engines will be manufactured by the Koraput Division of HAL, and are expected to fulfil the need of the Indian Air Force (IAF) to sustain the operational capability of the Su-30 fleet for the defence preparedness of the country.

    HAL would supply 30 aero-engines per annum as per the contractual delivery schedule. The supply of all 240 engines would be completed over the period of the next eight years, according to the ministry.

    HAL plans to take support from the country’s defence manufacturing ecosystem, involving MSMEs and public and private industries for manufacturing these aero engines.

    By the end of the delivery programme, HAL would enhance the indigenisation content up to 63 per cent to achieve an average of over 54 per cent.

    This would also help increase the indigenous content of repair and overhaul tasks of the aero-engines, the ministry noted.

    India's defence export projected to grow at 18 pc by 2030: Report

    IANS

    Earlier this month, the Cabinet Committee on Security, chaired by Prime Minister Narendra Modi, approved a proposal for the procurement of 240 aero engines.

    According to the Ministry of Defence, the delivery of these aero-engines would start after one year and be completed over a period of eight years.

    The Su-30 MKI is one of the most powerful and strategically-significant components of the IAF’s fleet and the supply of these aero-engines by HAL would meet the fleet sustenance requirement to continue their unhindered operations and strengthen the defence preparedness of the country.

    Defence Minister Rajnath Singh earlier informed that the ‘GE-414’ engines for the fighter jets will now be made in India.

    (With inputs from IANS)

     

     

  • LIC’s new business premium up 35 pc to Rs 19,309 crore in Aug

    Life Insurance Corporation of India (LIC)

    LIC’s new business premium up 35 pc to Rs 19,309 crore in AugIANS

    Life Insurance Corporation (LIC) of India saw a 35.1 per cent surge in its new business premium for the month of August to Rs 19,309.10 crore, from Rs 14,292.53 crore in the same month last year, showed data by the Life Insurance Council on Monday.

    The LIC’s new business premium collection for the first five months of FY25 rose by 27.73 per cent to Rs 95,180.63 crore, up from Rs 74,516.31 crore in the same period last year.

    The individual premium segment saw collections of Rs 5,047.36 crore in August, representing a 4.60 per cent rise from Rs 4,825.52 crore in August 2023.

    Meanwhile, the group premium segment experienced a significant increase of 46 per cent, amounting to Rs 13,559.22 crore in August, compared to Rs 9,287.40 crore in August 2023.

    Notably, group yearly premiums surged by 291.14 per cent to Rs 702.52 crore, a substantial increase from Rs 179.61 crore in the previous year.

    Life insurance

    LIC’s new business premium collection for the first five months of FY25 rose by 27.73 per cent in the same period last year.IANS

    Late last month, LIC presented a cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman as the government’s share of the company’s dividend, approved by the shareholders. LIC has completed 68 years since its incorporation and has an asset base of over Rs 52.85 lakh crore (as of March 31, 2024).

    For the first five months of fiscal year 2025, LIC’s individual premium segment accrued Rs 22,396.28 crore, marking an 11.75 per cent growth from Rs 20,041.36 crore during the same period in fiscal year 2024.

    The group premium segment also saw considerable growth, up by 32.82 per cent to Rs 71,789.38 crore, from Rs 54,049.22 crore last year.

    Group yearly premiums increased by 133.71 per cent, totalling Rs 994.97 crore in the first five months of fiscal 2025, compared to Rs 425.72 crore in the corresponding period of fiscal 2024.

    The total number of policies and schemes issued by LIC in August experienced a slight decline of 4.45 per cent, reaching 16.36 lakh, down from 17.12 lakh in August 2023.

    For the first five months of FY25, LIC saw a 3.65 per cent increase in the total number of policies and schemes issued, reaching 68.35 lakh compared to 65.95 lakh in the same period the previous year, as per the data.

    (With inputs from IANS)

     

  • Attention FD holders! This bank has started a new amazing scheme, know the changed interest rates too

    New Delhi: If you like to invest in Fixed Deposit (FD) then this news is of your use. Bank of India (BoI) has started a new FD scheme. The name of this scheme is Star Dhan Vriddhi.

    In this scheme, investors are being given attractive interest. On the other hand, the bank has changed the interest rates of all its FDs. This change has also been implemented. After this change, the bank will give an interest rate of 3 to 7.25 percent on FDs up to Rs 3 crore. However, the interest rate given to senior citizens will be slightly higher.

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    What is the new scheme?

    The highest interest is being offered on the Star Dhan Vriddhi Scheme of Bank of India. This scheme is for 333 days. In this, general investors will be given an interest rate of 7.25 percent. On the other hand, the interest rate given to senior citizens and super senior citizens will be slightly higher. On investment in this scheme, senior citizens will get 7.75 percent interest and super senior citizens will get 7.90 percent interest.

    The new interest rates are as follows

    The bank has also changed the interest rate on all its other FDs (7 days to 10 years). This change has been made on FDs up to Rs 3 crore. Under this, general investors will now get interest between 3 to 7.25 percent per annum. These interest rates are as follows:

    • 7 days to 1 year: 3 to 6.80 percent
    • 1 year to 2 years: 6.80 percent
    • 2 to 3 years: 6.75 percent
    • 3 to 5 years: 6.50 percent
    • 5 to 10 years: 6 percent

    Also Read: Delhi govt to soon notify new rates, norms for buses at ISBTs

    Higher interest to senior citizens

    The bank is giving more interest to senior citizens than to general investors. It is as follows:

    • 7 days to 1 year: 3 to 6.5 percent
    • 1 year to 2 years: 7.30 percent
    • 2 to 3 years: 7.25 percent
    • 3 to 5 years: 7.25 percent
    • 5 to 10 years: 6.75 percent

    Super senior citizens will get this much interest

    The bank is offering the highest interest on some FDs to super senior citizens. It is as follows:

    • 7 days to 1 year: 3 to 6.65 percent
    • 1 year to 2 years: 7.45 percent
    • 2 to 3 years: 7.45 to 7.40 percent
    • 3 to 5 years: 7.40 percent
    • 5 to 10 years: 6.9 percent

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    Previous articleLIC Saral Pension Plan For Fixed Monthly Pension, Know All About This Plan
    Jyoti

    Jyoti , has 2 years of experience in writing Finance Content, Entertainment news, Cricket and more. She has done BA in English. She loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @rightsofemployeescom@gmail.com

  • India’s defence export projected to grow at 18 pc by 2030: Report

    India's defence export projected to grow at 18 pc by 2030: Report

    India’s defence export projected to grow at 18 pc by 2030: ReportIANS

    India’s defence export is estimated to grow at 18 per cent CAGR (compound annual growth rate) from FY24-FY30, driven by the ‘Make in India’ initiative and thrust on local manufacturing.

    According to global investment firm Jefferies, which cited factors such as geopolitical tensions and the government’s push to indigenisation the defence sector, opportunities are growing for Indian defence companies.

    The report further said that the government is also building bilateral relations to promote exports in the global market.

    Between FY24 to FY30 (estimated), the potential market opportunity for Indian defence companies is expected to rise at 14 per cent CAGR, the report stated.

    “On one hand, the Indian government is emphasising indigenisation of defence. On the other hand, export of defence equipment is also being encouraged. This will increase the order inflow in the defence sector,” the report mentioned.

    India’s defence spending will double between FY24 and FY30. This will further push share prices of defence companies in the coming future.

    Defence companies will get opportunities worth $90 billion to $100 billion in the Indian market in the next 5 to 6 years. In 2022, India’s defence expenditure was 10 percent of the US expenditure and 27 percent of China’s expenditure.

    India is the second largest importer of defence equipment in the world. Country’s share in the total arms imports in the world is 9 per cent.

    Budget hikes defence allocation by 4.79 pc to Rs 6.22 lakh crore

    India is the second largest importer of defence equipment in the world.IANS

    India’s defence exports have increased 14 times to $2.6 billion between FY 2017 and FY 2024.

    India’s export basket of defence products includes missiles, radars, naval systems, helicopters, and surveillance equipment.

    Last week, in a huge boost to local defence manufacturing, the Centre approved 10 capital acquisition proposals amounting to Rs 1,44,716 crore, including for the modernisation of the Indian Army’s tank fleet with a futuristic Main Battle Tank.

    The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals amounting to Rs 1,44,716 crore.

    Of the total cost, 99 per cent is from indigenous sources under the ‘Buy (Indian)’ and ‘Buy (Indian-indigenously designed, developed and manufactured)’ categories, the ministry said in a statement.

    The move clears the path for the procurement of future-ready combat vehicles (FRCVs), air defence fire control radars, Dornier-228 aircraft, next-generation fast patrol and offshore patrol vessels.

    (With inputs from IANS)

     

  • Tilaknagar Industries Increases Stake in Samsara Gin Maker with Rs 13.15 Crore Follow-on Investment

    Executes Usership Agreement to sell Samsara Gin & Sitara Rum

    New Delhi, September 09, 2024: Tilaknagar Industries Limited (TI) (BSE: 507205) (NSE: TI), a leading manufacturer of Indian-Made Foreign Liquor (IMFL), today announced a follow-on investment of Rs 13.15 crore, to be invested over a period of 18 months, in Spaceman Spirits Lab Private Limited (“SSL”). With this funding, Tilaknagar Industries’ stake in SSL, maker of premium Indian craft gin Samsara and craft rum Sitara, will increase from 10 per cent to 20 per cent on a fully diluted basis.​

    Further, upon SSL achieving certain pre-agreed milestones, the definitive agreements provide an option for Tilaknagar Industries to invest or acquire further shares held by other shareholders as per a pre-determined valuation methodology.

    Maker of India’s highest selling brandy Mansion House, Tilaknagar Industries has also entered into a usership agreement with SSL. As per the agreement, Tilaknagar Industries will leverage its robust distribution network to sell Samsara Gin and Sitara Rum in certain states in India and abroad. This move will bolster sales of SSL’s premium craft spirits across markets in India and will contribute to additional business for Tilaknagar Industries.

    Mr Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries said, “The premium–end of alco-bev industry in India has been witnessing phenomenal growth over the past few years. While we are already the market leaders in brandy, we will look to cherry-pick every promising opportunity to broad-base our portfolio and boost revenue growth. We feel this investment will open new avenues for profitable participation in the crafts spirits segment.”

    Tilaknagar Industries will make the Rs 13.15 crore primary investment in tranches, over a period of 18 months post signing of definitive agreements. In addition, this alliance will give Tilaknagar Industries the right to have a nominee director on the board of SSL.

    Mr Ameya Deshpande, President – Strategy and Corporate Development, Tilaknagar Industries, said, “This investment is in line with our shared vision of promoting brands which are made in India, for the world. This partnership contributes to Tilaknagar Industries’ efforts of building its own bouquet of disruptive luxury products that will enhance the market appeal of its premium offerings, including for the institutional segment.”

    Engaged in creating and marketing craft alcobev brands, Spaceman Spirits Lab was incorporated in 2020 and is known for launching India’s first Pink Gin under brand Samsara. SSL has emerged as one of the fastest-growing craft spirits brands in India with presence across more than 10 states as well as in international markets such as UAE, Canada, the UK, Bahrain, Nepal and Singapore.

    Mr Aditya Aggarwal, Founder and Managing Director, Spaceman Spirits Lab Private Limited said, “We are committed towards creating premium craft spirits and elevating Indian spirits on the global stage. This association would enable us to further expand our portfolio, increase our geographic reach in India and in international markets and boost our sales significantly.”

    Previously, Tilaknagar Industries had made an investment of Rs 9.75 crore in Spaceman Spirits Lab Private Limited for a 10 per cent stake. In FY24, SSL’s revenue and volumes grew by 164 per cent and 86 per cent, respectively, year-on-year.

    The investment in SSL will be funded through Tilaknagar Industries’ internal cash resources.


    Neel Achary

  • Pension eKYC: Pension will be available with arrears as soon as e-KYC is updated

    When the e-KYC of the beneficiaries of social security pension available in 12 categories in the district was updated, the pension of thousands of people was stopped. After this, an order has been issued to put an end to the complaints of not getting pension.

    Now, after KYC is updated, if the beneficiary is eligible, then pension will be given along with arrears. That is, the pension will be paid at once for the number of months for which it has been stopped.

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    Pension stopped due to difference in age

    87 thousand 634 people are getting pension in the district, which includes people of all categories including old, handicapped, widow, husband abandoner. Out of these, pension of 2255 people has been stopped. After linking Aadhaar with Samagra and updating e-KYC, the pension of many people has been stopped due to difference in age, while there are many people who are not eligible and were taking pension.

    E-KYC is being done continuously

    Deputy Director of Social Justice Department, Pragya Maravi said that the pension of any eligible beneficiary has not been stopped, but the government has instructed that the KYC of every beneficiary has to be updated. Pension is being stopped if KYC is not updated. We are continuously getting e-KYC done. Now only those will get pension whose e-KYC is updated.

    Also Read: New rules of Sukanya Samriddhi Yojana will be implemented from next month, know what will change

    Ineligible people were also taking pension

    Maravi said that in KYC many such people are being caught whose age is less than 60 years and they are taking pension. Similarly there are many people who are not eligible and were taking benefits by giving wrong information. This initiative is being taken to put a stop to this. Instructions have been received from the government to pay the pension amount along with arrears to those who are eligible.

    Taking benefit of more than one plan

    Deputy Director Marawi said that the government has made a portal for all types of social security pension and eKYC is being updated on this portal. In this, those people are also being caught who are taking benefit of more than one scheme, whereas the government has set a guideline for getting the benefit of the schemes.

    Work is being done on the same guidelines, due to which the pension of some people has been stopped. Everyone is being verified and if they are eligible, they will start getting pension. Around six crore rupees of social security pension is being paid every year in the district.

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  • Mohali Walk Unveils PVR INOX, Brings Mohali’s First 4D Cinema Experience With 4K Laser and 7-Screen Multiplex

    Mohali Walk Unveils PVR INOX, Brings Mohali’s First 4D Cinema Experience With 4K Laser and 7-Screen MultiplexMohali Walk, Sector 62, Mohali, elevated the entertainment with the launch of PVR INOX’s 7-screen multiplex, marking the introduction of Mohali’s first 4D cinema experience. The grand launch witnessed the esteemed presence of renowned Indian actor Yograj Singh, adding to the event’s allure. This latest addition offers a cutting-edge blend of 4K laser technology and the multi-sensory 4DX format, promising an unforgettable cinematic experience for the city’s residents.

    The multiplex enhances Mohali Walk’s appeal as a premier lifestyle and entertainment destination. With a total seating capacity of 1,022 and equipped with the latest Dolby 7.1 audio, Next-Gen 3D technology, and plush recliners, this cinema complex is set to become a preferred choice for movie enthusiasts in Mohali. All its auditoriums are equipped with the next-generation 4K laser projection that delivers exceptional presentation quality with vivid colours, improved screen brightness, and clear on-screen images. The cinema will also offer a fully immersive cinematic experience with its 4D auditorium that incorporates on-screen visuals with synchronized motion seats and environmental effects such as water, wind, fog, scent, snow, and more to enhance the action on screen.

    Mr. Avinash Puri, Director, Mohali Walk, expressed, “We are excited to bring an immersive cinematic experience with the launch of PVR INOX at Mohali Walk. The intriguing 4D cinema experience makes this venue a must-visit for not only Mohali residents but also visitors from Chandigarh and surrounding areas. This addition underscores our commitment to offering a complete lifestyle and entertainment experience under one roof.”

    Mr. Kawal Kumar, Director, Mohali Walk, added, “At Mohali Walk, we have always aimed to offer the finest experiences, and the addition of PVR INOX aligns with that goal. Providing a space where cutting-edge technology meets luxury, this addition enhances the overall appeal of Mohali Walk as a comprehensive lifestyle destination.”

    With the visually dazzling interior, the cinema is styled with gold and black metal with a feature ceiling in gold, enhanced by vertical linear wall panelling. The foyer displays a modern design theme with opulent satvario tile cladding on walls, gold metal inlays, and grey flooring. The use of text and screens in the foyer, along with the framed and custom wall lights and plasmas celebrating legendary actors and actresses, enhances the ambience of the cinema. Additionally, the cinema will offer an extensive range of gourmet delicacies with ease of ordering and digital kiosks to cater to varied customer preferences.


    Mansi Praharaj

  • Introducing Huskie Tools’ Groundbreaking 100-Ton Convertible Crimping Head, a Revolutionary Lightweight 100-Ton Convertible Crimping Head for the Power Utility Industry

    Introducing Huskie Tools' Groundbreaking 100-Ton Convertible Crimping Head, a Revolutionary Lightweight 100-Ton Convertible Crimping Head for the Power Utility Industry

    Addison, IL, September 09, 2024 –-Huskie Tools, “born & raised in Chicago,” is excited to announce the launch of its latest innovation: the 100-ton convertible hydraulic crimping head (EP-100SD), designed specifically for full-tension transmission and substation connections. This groundbreaking product sets a new standard in the industry, combining power, versatility, and lightweight design to meet the demanding needs of utility professionals.

    Application:
    The Huskie 100-ton convertible crimping head is ideal for use with ultra high-pressure pumps and is designed for pressing overhead steel-cored aluminum strands, intermediate connecting pipes, and tension clamps for transmission lines above 110KV. Its robust construction and design make it suitable for both overhead and underground applications.

    Overview:
    The new 100-ton crimping head from Huskie Tools is engineered to deliver unmatched performance in critical applications. Whether you’re working on overhead transmission lines or underground cable connections, this crimping head is built to handle the job with precision and reliability. Weighing in at just 78 pounds, it’s the industry’s lightest 100-ton crimping head, making it easier to transport and operate in the field.

    Huskie Quick Facts:
    – Dual-Action Versatility: The crimping head can function as either single-acting or double-acting, offering flexibility based on the specific requirements of your project. It is compatible with Huskie Tools pump models R-14EH, R-14EA, R-14EAD, HPG-4, and other 3/4 HP high-pressure pumps.
    – Enhanced Efficiency: The double-acting hydraulic cylinder ensures faster return times, minimizing downtime and increasing productivity. For those who prefer single-acting operation, the head can still operate efficiently using its spring return mechanism at a reduced speed.
    – Universal Compatibility: Designed to accept shell-type dies that are compatible with Alcoa 100-Ton compression heads, this crimping head ensures versatility across various applications.
    – Reliable Operation: The double-acting capability eliminates the risk of hydraulic pressure loss, preventing connector hang-ups or tool jams during critical operations.
    Key Features:
    – Huskie Tough: Built with high-strength alloy steel forging and exceptional heat treatment, this crimping head is designed to withstand the rigors of demanding environments while ensuring a long service life.
    – Convenient Operation: Equipped with a quick connector, the crimping head allows for easy loading and unloading, saving valuable time during setup.
    – Precision Crimping: The maximum tube sleeve size of 76mm provides a wide crimping surface, reducing deformation and controlling elongation for superior results.
    – Improved Efficiency: The double-acting hydraulic cylinder avoids common issues like spring fatigue and slow reset, leading to faster piston reset times and enhanced working efficiency.
    – Operator-Friendly Design: The movable shell assists in easy connector removal after crimping, while the rotary die cover allows for quick and effortless operation and positioning.


    Praveen