L&T Judged Best Managed Company in India
Larsen & Toubro Ltd (L&T) has announced that the Company has been judged as India's Best Managed Company by India's leading business magazine Business Today and its knowledge partner Ernst & Young.
Mr. A M Naik, Chairman and Managing Director of L&T, received the coveted award from the Union Minister of Commerce and Industries, Mr. Kamal Nath at a glittering function held in Mumbai on March 05.
The Business Today-Ernst Young study covered more than 4,900 Companies that are listed on the BSE and the NSE. They were rated on several parameters that included leadership, business & operational strategies, best practices, corporate governance, corporate social responsibility, growth, profitability, operating efficiency & wealth creation for all stakeholders.
Commenting on the award Mr. Naik said, "It is a tribute to enlightened and professional management team at L&T, where empowerment and accountability are of paramount importance. In 70 years of existence, L&T has created a management culture that is rooted in ethics, integrity, and a deep sense of patriotism. We sincerely believe that nation building is at the core of all our activities. L&T is a truly professionally managed Company with no promoter family, but where every employee has a strong sense of ownership".
Arvind Mills - Updates
Arvind Mills Ltd has informed that on March 05, 2008, a fire broke out in the Bangalore godown of Arvind Brands, a Division of the Company. The cause of fire is being investigated. The goods stored in the godown are insured and the extent of damage is being ascertained
ICICI Bank - Repurchase & Subsequent Extinguishment of Bonds
ICICI Bank Ltd has informed that the Bank has repurchased and subsequently extinguished bonds aggregating to the face value US $ 50 million out of the US $ 2 billion 6.625% bonds due on 2012 issued from its Bahrain Branch on October 03, 2007 on a stand-alone basis.
The repurchase is carried out through open market purchases by a dealer acting on behalf of ICICI Bank.
ICICI Lombard to ally with dairies in TN
A farmer from coastal Karnataka was saving for his daughter's education. He took a health insurance cover for the entire family for Rs 15,000. But fell ill. Desperate, he turned to the village leader and asked him to adopt his daughter as he could not bear her expenses.
Tapping this attitudinal change is ICICI Lombard. The company started tapping the rural channel commercially through micro-finance institutions and rural aggregators like cooperatives, cement and fertiliser distributors and rural outlets in South India from 2003. Now it plans to tie up with dairies -Hatsun and Aavin in Tamil Nadu to disseminate knowledge about its insurance policies on cattle insurance, personal accident and health covers for age groups between 5 and 65 years. Head of Agriculture and Rural Insurance Pranav Prashad told Express that an investment of Rs 12 crore was envisaged in training of distribution channels and ensuring quick turnaround of the claims servicing network.
GE Money-LIC JV to take off
LIC is going ahead with GE Money JV for its credit card venture. It has also given KPMG the mandate to look for a financial partner for the balance 14% stake that is yet to be sold in the venture. Although, the corporation was supposed to launch the card in March, it is now expected that the venture will roll out only by the second quarter of the next financial year. LIC has 40% in the venture, while GE Money's stake is 35%. Corporation Bank will hold 4%, LIC Housing Finance will have 5% and LIC MF will have a 2% shareholding. Industry sources said LIC will look for a partner that will be able to pay a premium.
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