Birla Sun Life to introduce one hour processing
for life insurance

MUMBAI, Nov 9: Birla Sun Life Insurance Company Ltd will launch life in the fast lane , to enable customers to get his life insured in just one hour at the finanstreet exhibition being organised by the Confederation of Indian Industry (CII).

"We plans to extend this service in a revised format through our direct delivery channels of internet, call centre and direct mail programmes for a faster response and packaged services across the sales outlets," said, Mr Nani Javeri, CEO of Birla Sun Life Insurance.

The insurance advisors at the venue would instantly process the application and the life cover would commence immediately if the application is accepted. The customer needs to carry the standard age proof and the chequebook or credit card to pay the premium. (UNI)

Bullion prices decline on discouraging overseas advice

MUMBAI, Nov 9: Bullion prices witnessed a downward trend mainly on bearish London advice amid poor demand, traders at the local bullion market said today.

Standard mint gold and biscuit prices dropped by Rs 20 and Rs 200 respectively and both prices touched a low of Rs 5,270 per ten gm and Rs 61,700 per ten tola respectively at the weekly half-day trading from their previous close.

Traders said there was improved offerings by stock-holders on the back of subdued London Bullion Exchange (LBE) advice.

At the LBE, the yellow metal touched a negative of US dollar (USd) 321.45 per troy ounce yesterday against USd 322.90 per troy ounce on the previous day.

Similarly, silver .999 fineness variety also came down by Rs 60 and quoted lower at Rs 7,840 per kg from its previous close. There was increased selling pressure by local dealers and upcountry operators due to the discouraging overseas advice.

At the LBE, the white metal was quoting lower at USd 4.54 per troy ounce yesterday compared with USd 4.60 of the previous day, dealers said. Following were the closing rates:

Silver (per kg) .999 fineness grade: Rs 7,840 (7,900)

Gold (per 10 gm) standard mint : Rs 5,270 (5,290)

Gold biscuit (per 10 tola) : Rs 61,700 (61,900)

(UNI)

Cotton prices steady

MUMBAI, Nov 9: Prices of popular cotton varieties remained steady with thin business on lack of fresh buying interest from spinners and exporters amid sufficient stocks supplies at the local wholesale market today.

Following were the spot rates (per quintal): Bengal Deshi fine - Rs 4,162, Gujarat Wagad - Rs 2,981, Gujarat V-797 - Rs 3,065, Karnataka Jaydhar - Rs 3,656, Rg J-34 (Punjab, Haryana and Rajasthan)- Rs 4,387, Y-1 Jyoti - Rs 3,909, NHH 44 - Rs 4,149, LRA-5166 - Rs 4,302, H-4 - Rs 4,667, Sankar-6 (Saurashtra)- Rs 4,837, MCU-5 (AP) - Rs 6,046, DCH-32 (MP) - Rs 7,733 and 26 mm - Rs 4,359. (UNI)

ICICI bank cuts home loan interest by 0.25 per cent

NEW DELHI, Nov 9: ICICI bank today announced a 0.25 per cent cut in its interest rate on home loans.

Both new and existing customers will benefit from the rate cut effective from today, ICICI Home Finance Managing Director V Vaidyanathan told reporters.

Floating interest rates have been reduced to 9.25 per cent for loans repayable in five years or less, to 9.75 per cent for six-ten year periods and to 10.25 per cent for 11-15 years as well as 16-20 years.

The new fixed interest rates are ten per cent (up to five years), 10.5 per cent (6-10 years), 11 per cent (both 11-15 and 16-20 years) and 11.75 per cent (21-30 years).

The company also announced a reduction in the ICICI home prime lending rate (PLR) from 11 per cent to 10.75 per cent. (UNI)

Sugar down on poor demand from local bulk consumers

NAVI MUMBAI, Nov 9: Sugar prices suffered a further setback, mainly on improved stocks arrivals at the local wholesale sugar market today.

S-30 and M-30 grades dropped by Rs 20 and Rs 10 respectively on sustained selling pressure by stock-holders even as local demand remained very thin in view of huge stocks at the local market, traders said.

Similarly, ex-factory (naka prices of the varieties also declined between Rs 15 and Rs 25 on the same grounds, traders added.

Following were the rates in rupees per quintal S-30 grade 1,180/1,226, M-30 grade 1,240/1,301 ex-factory (naka rates) S-30 grade 1,145/1,175, M-30 1,205/1,235. (UNI0

Proposed power tariff hike in MP impractical, says Yadav

KHARGONE, MP, Nov 9: Terming "impractical and injustice to the farmers" the proposed hike in electricity tariff in Madhya Pradesh, Deputy Chief Minister Subhash Yadav today said the rates should not go beyond the paying capacity of farmers and the poor.

Initiating the proceedings of ‘Khula Manch’ (open house) on farmers’ problems regarding electricity here, Mr Yadav said that he, along with a delegation of farmers, would meet Chief Minister Digvijay Singh tomorrow in Bhopal in this regard.

The issue would be discussed during the State Cabinet meeting to be held on Monday and also at the MLAs meeting.

The senior Congress leader said international financial institutions including World Bank and Asian Development Bank had been pressurising the State Government to increase power tariff. The hike must also take into consideration the paying capacity of the poor, he added.

Mr Yadav said the tariffs proposed by the State Electricity Board, pending with the State Electricity Regulatory Commission, were too high. However, the decision of the Government will be final and acceptable, he added. (UNI)

Proposed power tariff hike in MP impractical: Yadav

KHARGONE, MP, Nov 9: Terming "impractical and injustice to the farmers" the proposed hike in electricity tariff in Madhya Pradesh, Deputy Chief Minister Subhash Yadav today said the rates should not go beyond the paying capacity of farmers and the poor.

Initiating the proceedings of ‘Khula Manch’ (open house) on farmers’ problems regarding electricity here, Mr Yadav said that he, along with a delegation of farmers, would meet Chief Minister Digvijay Singh tomorrow in Bhopal in this regard.

The issue would be discussed during the state cabinet meeting to be held on Monday and also at the MLAs meeting.

The senior Congress leader said international financial institutions including World Bank and Asian Development Bank had been pressurising the State Government to increase power tariff. The hike must also take into consideration the paying capacity of the poor, he added.

Mr Yadav said the tariffs proposed by the State Electricity Board, pending with the State Electricity Regulatory Commission, were too high. However, the decision of the Government will be final and acceptable, he added. Mr Yadav accepted that the Government had failed to anticipate the electricity crisis emerging after the separation of Chhattisgarh from Madhya Pradesh. However, he said the state was expecting to generate electricity from the Sardar Sarovar project, Indira Sagar Project and Omkareshwar Project.

The entire country was facing power crisis and Madhya Pradesh was no exception to it, he added.

Thanking the Chief Minister for initiating electricity-related Samadhan Yojna for farmers, he said many had benefited from the scheme. More than 30,000 farmers have availed of it in the Khargone district alone, he added.

Thousands of farmers participated in the ‘Khula Manch’, organised at the initiative of Mr Yadav and submitted their application to the forum which also has Mr S P S Parhar, Managing Director of the Western Region Electricity Company and several other officers of the SEB and district administration. About 32,000 applications were received and the problems were addressed on the spot. (UNI)

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