Edelweiss Tokio Life gets Rs 670 cr fresh capital

Mumbai, Nov 30 (): Private sector life insurer Edelweiss Tokio Life has said it has received equity capital infusion of Rs 670 crore from Edelweiss Financial Services and its overseas partner Tokio Marine Holdings.
Last February, it had received Rs 527 crore capital from Tokio Marine.
"This capital infusion will support our expansion plans, particularly in developing our bancassurance channel.We are also significantly enhancing our technology and digital platforms," Edelweiss Tokio Life managing director Deepak Mittal said.
Edelweiss Tokio Life is a joint venture between Edelweiss Financial Services and Tokio Marine, with 51 per cent and 49 per cent ownership.
*********** Exporters seek lower power tariffs
Engineering exporters reeling under the backlog of GST refunds, have called for early refunds of input credits as well as lower power tariffs to make their business more sustainable and competitive.
Calling for lower power tariffs, EEPC India Western region chairman KL Dhingra said the electricity charges in Maharashtra are not only one of the highest in the country but also has a "very high cost " of transaction.
"Higher power tariffs and very high cost of transactions make engineering exports from the state un- competitive," he said, while addressing an award function of the exporters lobby here this evening.
EEPC India chairman TS Bhasin said while GST is a laudable, the initial hiccups have resulted in locking up of working capital for the exporters.
"Out of 25,000 shipping bills only 1,500 have been cleared for refund so far. Customs officials are trying to resolve but they seem to be helpless as now the power has shifted to GST-Network," Bhasin said.
*********** NSE launches Large-Midcap 250 Index
National Stock Exchange's arm India Index Services & Products has launched a new index--Nifty Large-Midcap 250 Index.
The new index reflects the performance of a portfolio of 100 large cap and 150 mid cap companies listed on NSE, the exchange said in a release.
The base date for the index is April 1, 2005 and base value is 1,000 and it aims to measure the performance of a portfolio of large and midcap companies listed on the NSE.
These 250 companies represented through the Nifty 100 and the Nifty Midcap 150 indices, have an aggregate weight of 50 per cent each and are reset on a quarterly basis.
The index composition is reconstituted on a semi- annual basis and the index will be calculated and published on an end-of-day basis.
*********** Kotak Life launches new plan
Kotak Mahindra Old Mutual Life Insurance has launched of a new plan-- Kotak e-Term Plan--offering comprehensive protection for a generation.
The plan offers three cover options to choose from - life option, life plus option, and life secure option - with varying benefits.
While the life option offers pure protection against death due to any reason, life plus option offers in addition to the life option benefit, an additional cover for death due to accident and the life secure option offers future premia waiver in case of total and permanent disability.
*********** UFO Moviez net plunges 48%
Digital cinema distribution firm UFO Moviez has reported a 47.77 per cent decline in consolidated net profit at Rs 10.20 crore for the September quarter.
Its total income from operations too declined 13 per cent to Rs 139.18 crore.
"The last 12 months have been extremely challenging for the entire industry on account of demonetisation and implementation of GST, especially the media sector which was most severely impacted," founder and MD Sanjay Gaikwad said.
*********** Mphasis appoints Guru Grewal as head of European ops
Software company Mphasis, specialising in cloud and cognitive services, has appointed Guru Grewal as the head of its European operations.
Grewal has over two decades of global experience, of which over 17 years has been in the European market. Most recently, he was the managing director of consulting firm Upvisors. HV DS BEN BEN