The Analjit Singh-promoted Max India Limited is raising Rs 450-550 crore through a preferential allotment to a financial investor, a
person familiar with the situation told ET. The money will be used to fund the existing businesses of the company -insurance and healthcare.
The company's board is meeting on Saturday to approve the fund raising programme. When contacted, the Max India spokesperson declined to give details about the fund raising programme.
Max India has been looking at raising funds through the equity route for quite some time. It had originally planned to mop up Rs 1,000 crore through right issue. Subsequently it changed its plan and decided to raise only Rs 400 crore through the qualified institutional placement (QIP) route. It has now finally decided to raise the money through a preferential allotment.
Max India has a market capitalisation of Rs 5,200 crore and its shares closed on Thursday at Rs 224. The company operates its main businesses of life insurance and healthcare through two subsidiaries-Max New York Life Insurance and Max Healthcare.
Besides, Max produces specialty plastic products such as niche and high barrier bi-axially oriented polypropylene (BOPP) films, thermal lamination films and leather finishing foils. The company has also tied up with Bupa to make a foray into the health insurance sector.
The life insurance business constitutes around 84% of Max's revenues with the healthcare business accounting for another 8%. Max India reported consolidated revenues of Rs 4,166 crore in the first half of the current fiscal as compared to Rs 2,245 crore to the corresponding period last fiscal.
Meanwhile, the company's consolidated losses have come down Rs 87 crore in the same period this year from Rs 268 crore in the 2008-09 fiscal.
Sunday, December 27, 2009
Gold prices decline
Gold prices declined in the national capital during the last week of the year 2009 on emergence of selling at existing higher levels influenced by a weakening trend in overseas markets.
Selling in gold emerged as metal prices declined to $1,075 an ounce in the international market, which normally set the price trend here on the domestic front.
With fall in demand at existing higher levels and a brief break of 10 days in the current marriage season also put pressure on gold prices.
Standard gold and ornaments commenced slightly higher but soon met with heavy selling in tandem with weakening global trend and dropped to Rs 16,700 and Rs 16,500 before recovering to finish at Rs 17,040 and Rs 16,890 per ten gram respectively, still dow n by Rs 70 each from the previous week’s close.
Sovereign, after moving on both ways, on alternate bouts of buying and selling settled around previous level of Rs 14,000 per piece of eight gram.
On the other hand, silver ready commenced on a strong note and in day-to-day buying it rose further to close at Rs 27,900 per kg, showing a sharp rise of Rs 620.
However, silver weekly-based delivery lacked necessary follow up support and declined by Rs 180 to Rs 27,500 per kg.
Selling in gold emerged as metal prices declined to $1,075 an ounce in the international market, which normally set the price trend here on the domestic front.
With fall in demand at existing higher levels and a brief break of 10 days in the current marriage season also put pressure on gold prices.
Standard gold and ornaments commenced slightly higher but soon met with heavy selling in tandem with weakening global trend and dropped to Rs 16,700 and Rs 16,500 before recovering to finish at Rs 17,040 and Rs 16,890 per ten gram respectively, still dow n by Rs 70 each from the previous week’s close.
Sovereign, after moving on both ways, on alternate bouts of buying and selling settled around previous level of Rs 14,000 per piece of eight gram.
On the other hand, silver ready commenced on a strong note and in day-to-day buying it rose further to close at Rs 27,900 per kg, showing a sharp rise of Rs 620.
However, silver weekly-based delivery lacked necessary follow up support and declined by Rs 180 to Rs 27,500 per kg.
Monday, December 7, 2009
LG LAUNCHES BL40
The latest LG Chocolate edition handset dubbed LG BL40 has been launched in India by the company for providing Indian customers a slim and sleek device supported by cutting edge technology and very user friendly features.
The luxurious handset is very similar to the LG Chocolate BL20 and the firm tried to epitomize style and elegance with the help of newly launched device. Major attractions of LG Chocolate device include a 4-inch wide HD LCD screen with 800 x 345 pixel resolution.
The new phone is also loaded with high quality 5 megapixel cameras with Schinder-Kreuznach lens and flash that would make photography experience very interesting in addition to superior quality. The device, with cinematic 21:9 aspect ratio, also supports Wi-Fi connectivity for accessing broadband at a high speed while FM transmitter makes it easy for listening high quality music and media services.
The device also represents S-Class UI featuring finger-friendly 3D graphics and it is capable to offer faster email and internet services. It is available for Rs 30,000 across all mobile stores in the country.
COPENHAGEN CLIMATE SUMMIT
Delegates from 192 countries are gathering in the Danish capital Copenhagen for the opening of the long-awaited UN summit on climate change.
The conference has been described by some scientists as the most important the world has ever seen.
Security is tight as organisers expect 15,000 delegates and 100 world leaders to attend over the next two weeks.
On the eve of the summit, the UN's chief climate negotiator Yvo de Boer said the talks were in excellent shape.
He told the BBC that many countries were now making pledges over curbing greenhouse gas emissions.
ANALYSIS
Matt McGrath, BBC environment correspondent
According to one UN official, this meeting of negotiators is the biggest show on Earth. While that is possibly an exaggeration, organisers say they have been inundated, with more than 34,000 people applying to attend a venue with a capacity of 15,000.
Intense global interest has been heightened by the sense that this is an opportunity for the world to deal decisively with the causes and effects of climate change.
The UN negotiating process has been gradually moving forward for the past two years - but so slowly that officials and government leaders began to acknowledge that a legally binding treaty would not be reached.
But new pledges made in the past few weeks by the US, China and India have re-invigorated the talks - as has confirmation that more than 100 global leaders will be attending.
"Never in 17 years of climate negotiations have so many different countries made so many pledges. It's unprecedented," he said.
Mr de Boer said offers of finance for clean technology for poor countries were also coming through and talks were progressing on a long-term vision of massive carbon cuts by 2050.
South Africa became the latest country to make an offer on cutting emissions - its first quantifiable target.
On the eve of the summit it offered to cut by one-third the growth of its carbon emissions over the next decade - subject to getting more funding and technological help from wealthier countries.
Meanwhile, a new poll commissioned by the BBC suggests that public concern over climate change is growing across the world.
In the survey, by Globescan, 64% of people questioned said they considered global warming a very serious problem - up 20% from over a decade ago.
At the deal's heart must be a settlement between the rich world and the developing world
Jointly written editorial in 56 newspapers in 45 countries
Richard Black: Widening divide?
BBC poll: Climate fears on rise
To stress the importance of the summit, 56 newspapers in 45 countries will publish the same editorial on Monday, warning that climate change will "ravage our planet" unless action is agreed, the London-based Guardian reported.
The editorial - to be published in 20 languages - has been thrashed out by editors ahead of the Copenhagen talks, the newspaper said.
"At the deal's heart must be a settlement between the rich world and the developing world," the editorial says.
Environmental activists plan protests in Copenhagen and around the world on 12 December, to encourage delegates to reach the strongest possible deal.
Tens of thousands marched in London and other UK and European cities on Saturday.
'Long-term goal'
Any agreement made at Copenhagen is intended to supplant the 1997 Kyoto Protocol on climate change. Targets set at Kyoto run out in 2012.
COPENHAGEN TALKS
Begin 7 December
To discuss emissions targets and financial measures to combat climate change
Hard bargaining expected in last days of meeting
Due to end 18 December
Climate change in graphics
Where countries stand
Q&A: Copenhagen summit
Negotiations at Copenhagen begin on Monday and more than 100 world leaders will arrive next week to thrash out a deal.
Speakers at the opening session will include Danish Prime Minister Lars Lokke Rasmussen and Rajendra Pachauri, head of the UN's panel of climate experts.
World leaders who have pledged to attend include US President Barack Obama, UK Prime Minister Gordon Brown, French President Nicolas Sarkozy and Indian Prime Minister Manmohan Singh.
The main areas for discussion include:
Targets to curb greenhouse gas emissions, in particular by developed countries
Financial support for mitigation of and adaptation to climate change by developing countries
A carbon trading scheme aimed at ending the destruction of the world's forests by 2030
Outlining his ambitions for the summit, Mr de Boer said: "I think what we will see coming out of Copenhagen is a package of decisions that define a long term goal.
CLIMATE CHANGE GLOSSARY
Select a term from the dropdown:
Mitigation - Action that will reduce man-made climate change. This includes action to reduce greenhouse gas emissions or absorb greenhouse gases in the atmosphere.
Suggest additions
Glossary in full
"Then, first of all, what will rich countries do to reduce their emissions. Secondly, what will major developing countries do to limit the growth of their emissions and thirdly prompt finance that will allow developing countries to adapt to the impacts of climate change."
However, the BBC's Roger Harrabin, in Copenhagen, says Mr de Boer's optimism is not shared by everyone.
Some small island states most vulnerable to climate change fear the level of international expectation is so high that leaders will agree to any deal, he adds.
And new research unveiled on Sunday suggests that less than one-third of money raised by major airlines in carbon trading schemes goes directly to reducing emissions.
Carbon Retirement based its report on a sample of UN data.
Under the system - set up by the Kyoto protocol - travellers pay for projects which offset emissions caused by their journey.
The conference has been described by some scientists as the most important the world has ever seen.
Security is tight as organisers expect 15,000 delegates and 100 world leaders to attend over the next two weeks.
On the eve of the summit, the UN's chief climate negotiator Yvo de Boer said the talks were in excellent shape.
He told the BBC that many countries were now making pledges over curbing greenhouse gas emissions.
ANALYSIS
Matt McGrath, BBC environment correspondent
According to one UN official, this meeting of negotiators is the biggest show on Earth. While that is possibly an exaggeration, organisers say they have been inundated, with more than 34,000 people applying to attend a venue with a capacity of 15,000.
Intense global interest has been heightened by the sense that this is an opportunity for the world to deal decisively with the causes and effects of climate change.
The UN negotiating process has been gradually moving forward for the past two years - but so slowly that officials and government leaders began to acknowledge that a legally binding treaty would not be reached.
But new pledges made in the past few weeks by the US, China and India have re-invigorated the talks - as has confirmation that more than 100 global leaders will be attending.
"Never in 17 years of climate negotiations have so many different countries made so many pledges. It's unprecedented," he said.
Mr de Boer said offers of finance for clean technology for poor countries were also coming through and talks were progressing on a long-term vision of massive carbon cuts by 2050.
South Africa became the latest country to make an offer on cutting emissions - its first quantifiable target.
On the eve of the summit it offered to cut by one-third the growth of its carbon emissions over the next decade - subject to getting more funding and technological help from wealthier countries.
Meanwhile, a new poll commissioned by the BBC suggests that public concern over climate change is growing across the world.
In the survey, by Globescan, 64% of people questioned said they considered global warming a very serious problem - up 20% from over a decade ago.
At the deal's heart must be a settlement between the rich world and the developing world
Jointly written editorial in 56 newspapers in 45 countries
Richard Black: Widening divide?
BBC poll: Climate fears on rise
To stress the importance of the summit, 56 newspapers in 45 countries will publish the same editorial on Monday, warning that climate change will "ravage our planet" unless action is agreed, the London-based Guardian reported.
The editorial - to be published in 20 languages - has been thrashed out by editors ahead of the Copenhagen talks, the newspaper said.
"At the deal's heart must be a settlement between the rich world and the developing world," the editorial says.
Environmental activists plan protests in Copenhagen and around the world on 12 December, to encourage delegates to reach the strongest possible deal.
Tens of thousands marched in London and other UK and European cities on Saturday.
'Long-term goal'
Any agreement made at Copenhagen is intended to supplant the 1997 Kyoto Protocol on climate change. Targets set at Kyoto run out in 2012.
COPENHAGEN TALKS
Begin 7 December
To discuss emissions targets and financial measures to combat climate change
Hard bargaining expected in last days of meeting
Due to end 18 December
Climate change in graphics
Where countries stand
Q&A: Copenhagen summit
Negotiations at Copenhagen begin on Monday and more than 100 world leaders will arrive next week to thrash out a deal.
Speakers at the opening session will include Danish Prime Minister Lars Lokke Rasmussen and Rajendra Pachauri, head of the UN's panel of climate experts.
World leaders who have pledged to attend include US President Barack Obama, UK Prime Minister Gordon Brown, French President Nicolas Sarkozy and Indian Prime Minister Manmohan Singh.
The main areas for discussion include:
Targets to curb greenhouse gas emissions, in particular by developed countries
Financial support for mitigation of and adaptation to climate change by developing countries
A carbon trading scheme aimed at ending the destruction of the world's forests by 2030
Outlining his ambitions for the summit, Mr de Boer said: "I think what we will see coming out of Copenhagen is a package of decisions that define a long term goal.
CLIMATE CHANGE GLOSSARY
Select a term from the dropdown:
Mitigation - Action that will reduce man-made climate change. This includes action to reduce greenhouse gas emissions or absorb greenhouse gases in the atmosphere.
Suggest additions
Glossary in full
"Then, first of all, what will rich countries do to reduce their emissions. Secondly, what will major developing countries do to limit the growth of their emissions and thirdly prompt finance that will allow developing countries to adapt to the impacts of climate change."
However, the BBC's Roger Harrabin, in Copenhagen, says Mr de Boer's optimism is not shared by everyone.
Some small island states most vulnerable to climate change fear the level of international expectation is so high that leaders will agree to any deal, he adds.
And new research unveiled on Sunday suggests that less than one-third of money raised by major airlines in carbon trading schemes goes directly to reducing emissions.
Carbon Retirement based its report on a sample of UN data.
Under the system - set up by the Kyoto protocol - travellers pay for projects which offset emissions caused by their journey.
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