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Punjab MLAs to get only one pension from today


MLAs in Punjab will now get just one pension with Governor Banwarilal Purohit giving his assent to the Punjab State Legislature Members (Pension and Medical Facilities Regulation) Amendment Bill, 2022, limiting multiple pensions to legislators, more than a month after it was passed by the Punjab Vidhan Sabha, and the government notifying the Act on Saturday.

Chief Minister Bhagwant Mann took to Twitter to announce that the bill had received the governor’s assent. “I am very happy to inform Punjabis that Hon’ble Governor has approved the ‘one MLA, one pension’ bill…Government has issued notification. This will save a lot of tax for the public,” Mann tweeted.

Former legislators in Punjab used to get pensions for supplementary terms too. By limiting the pension to one term, the government is likely to save Rs 19.53 crore for the state exchequer.

From now on, every legislator would get only one pension of Rs 75,150 per month irrespective of the terms for which he/she gets elected. Earlier, some former legislators were getting pensions as high as Rs 3 lakh per month.

State Finance Minister Harpal Cheema said that the state exchequer would save at least Rs 100 crore and added that it was a move in the right direction to save tax-payers’ money.

Chief minister Mann had announced the plan to limit multiple pensions of legislators soon after he took charge but it took more than four months for the Act to be notified.

Earlier, the governor had refused to give his assent to an ordinance to this effect saying that it should be put up as a Bill in the budget session of the Vidhan Sabha. On June 30, the Vidhan Sabha passed the Bill.

Governor Banwarilal Purohit’s asset came at a time when the government was losing hope as the governor had not given his assent to the contractual employees’ Bill too. Since the Bill limiting pensions was a money bill, the government could not even send a reminder to the Governor. However, the government received the governor’s assent on Friday.

The delay caused a loss of a few crores to the state exchequer as the former MLAs were able to get multiple pensions for the months of May, June and July also.

After taking over reins of the state, chief minister Mann had said that legislators would get only one pension. For enforcing this rule, the government had amended Clause 3(1) of ‘The Punjab State Legislature Members (Pension and Medical Facilities Regulation) Act, 1977’.

Legislators in Punjab get a basic pension of Rs 15,000 per month. On this, they get 50 per cent DP (a merger of dearness allowance (DA) and basic pension effected on April 1, 2004), and a DA of 234 per cent. Similarly, for every supplementary term, they get Rs 10,000 basic pension, and DP and DA. The DA of 234 per cent, however, was not enhanced after December 31, 2016, following a decision by the Amarinder Singh-led Congress government.

However, when an ex-MLA will attain the age of 65, 75 and 80, he/she shall, respectively, be entitled to an increase of 5 per cent, 10 per cent and 15 per cent of the basic pension, admissible to him/her at the attainment of such age.

While the Bill was tabled, Leader of Opposition Partap Bajwa had said when an MLA is above chief secretary in protocol, an MLA’s pension must be at par with that drawn by the chief secretary. Chief minister Mann had said that a government official becomes eligible for pension after serving for at least 20 years. “A young man who becomes MLA at the age of 27 becomes eligible for pension just after five years. In such a scenario, it is unfair to equate both,” Mann had said.





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5 state-owned Chinese companies to delist from New York Stock Exchange



Five state-owned Chinese companies, including the country’s leading energy and chemical firm, have chosen to delist from the Stock Exchange (NYSE) by the end of August, the media reported.


In separate statements issued on Friday, Life Insurance, PetroChina, Sinopec, Aluminum Corporation of and Sinopec Shanghai Petrochemical said they had notified the NYSE and applied for “voluntary delisting”, reports CNN


The companies cited “low turnover in the US” and “high administrative burden and costs” as their reason for the departure.


China’s securities watchdog, the Securities Regulatory Commission, said on Friday that it is aware of the situation and that “it is normal for companies to list or delist from any market”.


“We will keep in touch with foreign regulatory institutions and protect the rights of corporations and investors together,” it said.


The news comes as the Securities and Exchange Commission increases its scrutiny of Chinese companies’ audits, CNN reported.


The commission can kick companies off the stock exchange if they fail to allow US watchdogs to inspect their financial audits for three straight years.


China has for years rejected US audits of its firms.


Chinese companies that are traded overseas are required to hold their audit papers in mainland China, where they cannot be examined by foreign agencies.


But in April, China’s securities watchdog proposed changing a decade-old rule that forbids Chinese firms from sharing sensitive data and financial information with overseas regulators, reports CNN.


The amendment could allow US regulators to inspect audit reports of Chinese companies listed in .


Nevertheless, companies like Alibaba are taking steps to prepare for a potential loss of direct access to the US capital market.


–IANS


san/ksk/


 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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LIC Q1 net surges multi-fold to Rs 682.8 crore


Life Insurance Corporation (LIC) on Friday reported a multi-fold increase in net profits to Rs 682.88 crore for the quarter ending June compared to a profit of Rs 2.94 crore in Q1FY22. It may be recalled that business activity in the country had come to a virtual standstill in the June 2021 quarter during the second wave of the Covid pandemic. Seen sequentially, LIC’s performance was less impressive as the insurer had posted profits of Rs 2,371.55 crore in the three months to March.

The total income stood at Rs 1.68 trillion as against Rs 1.54 trillion in the year-ago period, LIC said. Total income stood at Rs 2.11 trillion in March quarter. The net premium income during Q1FY23 of Rs 98,351.76 crore, was about 20 per cent higher y-o-y. On a sequential basis, net premium was lower by about 32 per cent.

The first-year premium for the reporting quarter came in at Rs 7,429 crore as against Rs 5,088 crore in the year-ago period.  FE





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Q1 results: LIC’s net profit jumps multifold to Rs 682.89 crore



of India on Friday reported a multifold jump in its June quarter net profit at Rs 682.89 crore.


The state-run life insurance behemoth, which went public recently, had a net profit of Rs 2.94 crore in the year-ago period.


The first-year premium for the reporting quarter came at Rs 7,429 crore as against Rs 5,088 crore in the year-ago period, it said in an exchange filing after its board meeting.


The total income came at Rs 1,68,881 crore for the June quarter as against Rs 1,54,153 crore in the year-ago period, it said.


When compared with the preceding March quarter, the performance was down across parameters, the filings showed.


The net profit had come at Rs 2,371 crore, first year premium stood at Rs 14,614 crore and total income stood at Rs 2,11,451 crore in the March quarter.


shares closed 0.03 per cent down at Rs 682.15 apiece on the BSE on Friday against 0.22 per cent gain on benchmark Sensex.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)



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Driven by non-par business, LIC reports Rs 682.88 crore in profit



State-owned insurance behemoth (LIC) reported a net profit of Rs 682.88 crore in the April-June quarter (Q1) of FY23, driven by its non-par business. In the corresponding period a year ago, the insurer’s profit was a mere Rs 2.94 crore.


But these numbers are not comparable because the corporation was ascertaining its policy liabilities annually until FY21. Pursuant to the change in the Act, the six-month-ended and nine-month-ended policy liabilities as of September 2021 and December 2021, respectively, were ascertained for the first time in FY22. Hence, no surplus had been assessed in the revenue account of the corporation until September 2021.


had a single “life fund” until the Act was amended to bring its surplus distribution mechanism on a par with private life insurers. After the amendment, the life fund has been segregated into two funds — participating policyholders fund and non-participating policyholders’ fund. Consequently, the surplus distribution in the participating policyholders’ fund has been modified to 90:10 in a phased manner, wherein 90 per cent will go to policyholders and 10 per cent to shareholders.


LIC’s value of new business (VNB) for Q1FY23 was Rs 1,861 crore, of which Rs 1,277 crore was from the individual business and Rs 583 crore from the group business. VNB is the present value of the future earnings from policies issued during a period. It reflects the additional earnings expected to be generated through the new policies issued.


The VNB margin of LIC for the quarter stood at 13.6 per cent, a drop of around 150 basis points from the 15.1 per cent reported in the March quarter. The major reason for the decline in the margin is the product mix.


The group business’ proportion in new sales of the corporation increased by 8 per cent and most of it was in funded products, which typically have a lower margin than other group products.


“It is temporary. As soon as we raise the mix of non-par products, the margin will go up. But if we sell more funded schemes, there will be a drag. So, we will take a call on this going forward,” said M R Kumar, chairperson, LIC.


“We would like to clock a margin of 15-16 per cent, so that in five years, we will be on a par with the private life insurers,” he said.


LIC’s total premium was up 20.35 per cent year-on-year (YoY) to Rs 98,352 crore in Q1FY23, aided by a 34 per cent jump in the group business premium. The corporation sold around 3.7 million policies in Q1FY23, up 60 per cent from the same period a year ago (Q1 of last financial year was impacted by the second wave of Covid. Assets under management of the corporation also went up 8 per cent during this period to Rs 41.02 trillion.


LIC, which is one of the largest institutional investors in the equity markets, invested Rs 46,444 crore on a gross basis during Q1; on a net basis, it was around Rs 34,000 crore. It booked profit to the tune of Rs 5,076 crore in Q1FY23, against Rs 11,368 crore in Q1FY22. The markets were down, so the corporation did not go for profit-booking in Q1 and instead it brought more during this period as it is a contrarian investor.


“The equity markets have improved now. Therefore, I do not see much volatility happening in that area. We will continue to focus on the non-par segment; we have more non-par products than par products now. Q1 is always slow for the insurance industry, and by that standard, this performance is not as slow as one would have expected. We are confident that growth in new business will be good, going forward,” Kumar said.


The business momentum for the corporation has been strong in FY23; as a result, it has gained market share on a first-year premium basis. LIC’s market share increased to 65.42 per cent in Q1FY23, from 63.25 in FY22. The yield on investments on policyholders’ funds, excluding unrealised gains, for the corporation was 7.74 per cent for the quarter ended June 30, 2022; it was 8.39 per cent in the year-ago period.


Net NPAs in the policyholders’ fund saw a substantial decline to Rs 9 crore as of Q1FY23 versus Rs 194 crore in Q1FY22. The corporation provided Rs 26,611 crore for gross NPAs to the tune of Rs 26,620 crore. LIC’s gross NPA ratio stood at 5.84 per cent as of the June quarter.


In Q1FY23, LIC’s persistency ratios on a premium basis for the 13th month, and 61st month were 75.75 per cent and 58.99 per cent, respectively.



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5 Major Chinese Firms To Delist From New York Stock Exchange


All five companies said they expected to stop trading on the NYSE by early September.(File)

Beijing:

Five major Chinese companies including two of the country’s largest oil producers will delist from the New York Stock Exchange, the firms said in filings on Friday.

Sinopec and PetroChina — two of the world’s biggest energy firms — will apply for “voluntary delisting” of their American depositary shares, the companies said in separate statements.

The Aluminum Corporation of China, also known as Chalco, as well as China Life Insurance and a Shanghai-based Sinopec subsidiary, announced similar moves on Friday.

The delisting plans come as tensions between Beijing and Washington climb over US House Speaker Nancy Pelosi’s visit last week to Taiwan, which China claims as part of its territory.

Beijing has raged against the visit, staging unprecedented military drills around the self-ruled island and suspending cooperation with the United States on issues ranging from climate change to fighting drug smugglers.

The five companies are on a list of firms published by the US Securities and Exchange Commission that faced delisting from Wall Street if they did not comply with new audit requirements.

All five companies said in separate statements that they expected to stop trading on the NYSE by early September.

The new requirements came into effect late last year, at a time when Chinese authorities were expressing reservations about China-based companies listing in the United States.

The five companies on Friday all pointed to the costs of maintaining the US listings as well as the burden of complying with reporting obligations as factors behind the decision.

China’s securities regulator on Friday said the moves were made by the companies “out of their own business considerations”.

The delistings “will not affect the companies’ continued use of domestic and foreign capital markets for financing and development”, the regulator said in a statement.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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2 injured after being attacked by group in Delhi’s Wazirabad area



Two people sustained injuries after being attacked by a group in north Delhi’s Wazirabad area, police said on Friday.


Officials said they received information about shots fired in the air from the area around 11.15 pm on Thursday.


A senior police officer said 10 people had come to the Ramesh Tyagi Colony area on Thursday night in search of a person identified as Deepak (21).


After failing to find him, the group damaged two parked motorcycles and attacked a few passers-by, Deputy Commissioner of Police (north) Sagar Singh Kalsi said.


Jatin (17) and Ajay (42) were injured in the attack, Kalsi said, adding that the injuries were not caused by gunshots.


Seven people have been identified so far, and efforts are on to identify the rest and arrest them, the DCP said, adding that a case has been registered under sections of the IPC and the Arms Act.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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Stocks to watch: Bata India, Page Inds, NMDC, Apollo Hospitals, Oil India



today: After the notched four-month high in the last session, they are likely to open range-bound on Friday. As of 7:25 AM, the SGX Futures quoted 17,678 levels, up 19-odd points on the Nifty50.


Globally, the US were choppy in trade on Thursday. Dow Jones was up 0.08 per cent, while the S&P 500 declined 0.07 per cent, and NASDAQ Composite dropped 0.5 per cent.


Asia-Pacific markets, too, lost in tandem on Friday’s morning trade. While Australia’s S&P 200 shed 0.5 per cent, South Korea’s Kospi was flat.


Meanwhile, back home, here is a list of stocks that may see some action in trade on Friday:


Results today: Life Insurance Corporation of India, ONGC, Grasim Industries, Divi’s Laboratories, Hindustan Aeronautics, Info Edge, Hero MotorCorp, Muthoot Finance, Sun TV, Bharat Dynamics, and Balaji Amines will report their June quarter results (Q1FY23) on Friday, August 11.


Page Industries: The apparel manufacturer reported multi-fold increase in their net profit to Rs 207.3 crore in Q1FY23 as against Rs 10.0 crore in the year-ago period. The company’s revenue from operations, meanwhile, was up over two-fold to Rs 1,341.6 crore. Total expenses, too, doubled to Rs 1,070 crore as against Rs 490.57 crore earlier. READ MORE


Apollo Hospitals: The company posted 35 per cent year-on-year (YoY) drop in net profit to Rs 323.7 crore in Q1FY23 as against Rs 500.6 crore in the year-ago period. Revenue from operations, too, saw marginal drop of 1 per cent to Rs 3,795.6 crore in Q1FY23 from Rs 3,760.21 crore. While Apollo’s healthcare segment was up 5 per cent YoY, pharmacy distribution was down 3 per cent on a yearly basis. READ MORE


Bata India: The footwear brand saw 71.82 per cent yearly surge in consolidated net profit to Rs 119.37 crore for Q1FY23 as against Rs 69.4 crore in the corresponding quarter of previous fiscal. The revenue from operations up over three-fold to Rs 943.01 crore in Q1FY23. Going forward, the management plans to scale up digital channels and expand in Tier-2 or 3 towns. READ MORE


Godrej Properties: The realty firm plans to launch a luxury housing project in New Delhi’s Ashok Vihar in 2022. The project has the potential to generate about Rs 8,000 crore sales in revenue. Before the launch, the firm is waiting for some pending government approvals to launch this 27-acre luxury residential project in Delhi-NCR. READ MORE


NMDC: The state-run firm hiked prices of lump ore by Rs 200 a tonne and fines by Rs 100 per tonne. The company has fixed prices of lump ore at Rs 4,100 per tonne and fines at Rs 2,910 a tonne. In July, the company had slashed prices of lump ore and fines by Rs 500 per tonne each to Rs 3,900 and Rs 2,810, respectively. READ MORE


Oil India: The state explorer clocked tripling of its net profit to Rs 1,555.4 crore in Q1FY23 from Rs 507.9 crore, a year ago, on the back of oil and gas price realization. The earnings were also aided by 4 per cent rise in crude oil production at 0.78 million tonnes and 8 per cent rise in gas output at 771 million standard cubic metres.


Allcargo Logistics: The logistics firm reported over two-fold growth in its consolidated profit after tax (PAT) to Rs 280 crore in Q1FY23 as against Rs 106 crore in Q1FY22. The company’s consolidated revenue during the first quarter of FY23, on the other hand, rose 65 per cent to Rs 5,675 crore from Rs 3,449 crore in Q1FY22.


Aurobindo Pharma: The pharma company’s consolidated net profit was down 32.4 per cent YoY to Rs 520.5 crore in Q1FY23 from Rs 770 in the first quarter of last fiscal. Revenues from operations grew .4 per cent to Rs 6,236 crore as compared to Rs 5,702 crore a year ago. Going ahead, the management plans to focus on development of specialty products pipeline.


Stocks in F&O ban: Balrampur Chini Mills and Delta Corporation were banned in the F&O ban period on Friday, August 12.





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‘Inflation spike, CAD concerns easing; govt being watchful’


With the easing of global commodity prices and India witnessing normal monsoon, concerns about any sharp spike in inflation or the current account deficit (CAD) are easing, a government source said on Thursday. The government, however, is not letting its guard down and is watchful of the evolving situation, the source added.

Despite having to bear additional fiscal burden, the Centre isn’t planning to slash the fertiliser subsidy rates at the moment, the source said. It doesn’t wish to add to farmers’ costs of production at this juncture. The government’s fertiliser subsidy bill is expected to exceed its FY23 Budget Estimate of Rs 1.05 trillion by about Rs 1.4 trillion, as global prices shot up in the wake of the Ukraine-Russia war.

The Centre is also unlikely to commit to extending the GST compensation for states beyond five years through FY22, acceding to some states’ demand, as any such decision will mean prolonging cess burden on consumers, said the source. “Will all the states be ready to say let’s keep the cess on the items in the 28% or 18% brackets for a much longer period to fund the GST compensation? These are things we all have to bear in mind,” said the source, indicating that the Centre isn’t going to take on extra burden on this front.

“(However) global crude oil prices are now moderating, so are fertiliser prices. So, the magnitude of worry that was there in March (just after the Ukraine war) has eased now. But we are closely watching the situation,” the source said.

The official data for retail inflation in July will be released on Friday and it is expected to ease 20-25 basis points sequentially from the June level of 7.01 per cent, according to some analysts. Retail inflation has remained above the upper band of the Reserve Bank of India’s (RBI’s) medium-term target of 2-6 per cent for the sixth straight month till June. The aim is to first bring inflation down to 6 per cent, the source said.

India is in a much better position than peers on the economic front, and the steps initiated by the government and the central bank have started to yield results, the source said. The Centre has taken measures to check inflation by reducing fuel taxes, raising the export duty on select steel products and iron ore and cut import duty on pulses, among others.

On cryptocurrency, the source said that the recent volatility in the cryptocurrency market has started a debate among its followers about the merits and demerits of these virtual assets, which augurs well for policymakers across the globe, as they weigh how to regulate such assets.

As India is set to take over the G20 presidency in December, the forum can be used to firm up a global strategy on the regulation of crypto-currencies. However, the government is yet to take a final call on whether or not to push for such an agenda at the G20, said the source.

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The government is serious about pursuing disinvestment of all the companies that it has announced, said the source. In certain cases, the process is taking longer, as it involves comprehensive deliberations involving multiple stakeholders. The government has budgeted to garner

Rs 65,000 crore in disinvestment receipts in FY23, against a realisation of just Rs 13,531 crore in FY22, after the initial public offer of LIC was deferred to this fiscal.





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Ahead of IPO, Syrma SGS Technology garners Rs 252 cr from anchor investors



Electronic manufacturing services firm Syrma SGS Technology on Thursday said it has raised Rs 252 crore from ahead of its initial share-sale, which opens for public subscription on Friday.


The company has decided to allocate a total of 114,56,261 equity shares to at Rs 220 apiece, aggregating the transaction size to Rs 252.04 crore, according to a circular uploaded on BSE’s website.


Nomura, Kuber India Fund, BNP Paribas Arbitrage, Aditya Birla Sun Life Insurance Company, ICICI Prudential Mutual Fund (MF), Tata MF, Edelweiss MF and IDFC MF are among the anchor investors, it added.


Syrma SGS would be the first company to tap the primary market in two-and-a-half months. Prior to that, the IPO of Aether Industries was opened for public subscription during May 24-26.


So far in the current fiscal, 11 debutants have gone public to garner Rs 33,254 crore. Of these, a lion’s share (Rs 20,557 crore) was raised by a public issue of Life Insurance Corporation of India (LIC).


The public issue of Syrma SGS comprises a fresh issue of shares worth Rs 766 crore, and an Offer For Sale (OFS) of up to 33.69 lakh equity shares by Veena Kumari Tandon.


The IPO, with a price band of Rs 209-220 a share, will be open for public subscription during August 12-18. At the upper end of the price band, the initial share-sale is expected to fetch Rs 840 crore.


The net proceeds from the fresh issue will be utilised for funding capital expenditure requirements to expand manufacturing, R&D facilities, long-term working capital requirements and general corporate purposes.


Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 10 per cent for non-institutional investors.


Syrma SGS is a technology-focused engineering and design company engaged in turnkey Electronics Manufacturing Services (EMS) that specialises in precision manufacturing. Its customers include TVS Motor Company, AO Smith India Water Products, Robert Bosch Engineering and Business Solution, Eureka Forbes and Total Power Europe BV.


The company currently operates through 11 strategically located manufacturing facilities in north India — Himachal Pradesh, Haryana and Uttar Pradesh — and in south India — Tamil Nadu and Karnataka — and three R&D facilities, two of which are located in Chennai, Tamil Nadu and Gurgaon, Haryana, and one is located in Stuttgart, Germany.


In September 2021, Syrma acquired Gurugram-based SGS Tekniks in a cash and stock deal. Additionally, it acquired Perfect ID in October 2021.


Dam Capital Advisors, ICICI Securities and IIFL Securities are the book-running lead managers to the issue.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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